Ningbo posts stable economic recovery Jan-April

chinadaily.com.cn| Updated:  May 26, 2023 L M S

Ningbo in East China's Zhejiang province logged a stable economic recovery in the first four months of this year, according to official statistics from the Ningbo Municipal Bureau of Statistics.

From January to April, the added value of above-designated-size industrial enterprises-those with annual business revenue of 20 million yuan ($2.84 million) and above-in Ningbo hit 163.52 billion yuan, rising by 2.1 percent year-on-year.

Double-digit growth was seen in the sectors of chemical raw materials and products, automobile manufacturing, electrical machinery and tobacco products, which saw their added value grow by 14.4 percent, 11.1 percent, 10.5 percent and 10.5 percent, respectively.

Notably, the city's new energy industry recorded an uptick of 30 percent compared with the same period last year.

Commodity sales of above-quota companies in Ningbo during the four-month period registered a year-on-year increase of 6.3 percent, 0.3 percentage points higher than the first quarter.

The cargo throughput of Ningbo Zhoushan Port amounted to 450 million metric tons, up 7.5 percent year-on-year. Over the same period, the port handled 11.31 million TEUs, an increase of 3.4 percent.

As of April, the balance of loans in Ningbo surged 14.5 percent to 3.55 trillion yuan, while the balance of deposits in the city amounted to 3.35 trillion yuan, up 16.1 percent.

The city's investment in fixed assets also saw strong performance, registering a yearly increase of 9.4 percent, 0.2 percentage points higher than the first quarter.

Sustained recovery was also seen in consumption and foreign trade.

In the first four months of this year, retail sales of social consumer goods in Ningbo reached 153.43 billion yuan, up by 10.6 percent year-on-year.

Over the same period, the city's imports and exports hit 402.77 billion yuan, edging down 0.7 percent year-on-year. Nevertheless, it still ranked fifth among cities nationwide in terms of foreign trade volume.

Specifically, its exports edged up by 0.2 percent year-on-year to 263.09 billion yuan, while imports shrank by 2.4 percent to 139.68 billion yuan.

The actual utilization of foreign capital in Ningbo was $2.23 billion during the four-month period, up by 27.9 percent year-on-year, according to the bureau.