Ningbo sees stable economic growth Jan-July

A car dealer in Ningbo, East China's Zhejiang province. [Photo/Ningbo Evening News]

Ningbo in East China's Zhejiang province has reported stable economic growth during the first seven months of this year, according to statistics released by the Ningbo Municipal Bureau of Statistics on Aug 21.

In July, the added value of above-designated-size industrial companies in Ningbo increased by 9 percent compared to the same period last year. This growth rate exceeded the previous month's by 0.2 percentage points. Key industries such as chemical raw materials and products, automobile manufacturing, and electrical machinery all showed over 10 percent growth in added value.

From January to July, total retail sales of consumer goods in Ningbo expanded by 7.3 percent compared to the previous year. Notably, sales of new energy vehicles remained strong, recording a year-on-year increase of over 60 percent.

During the same period, fixed asset investment in Ningbo increased by 9.2 percent compared to last year. Infrastructure investment soared by 24.4 percent, while manufacturing investment maintained double-digit growth.

However, Ningbo experienced a decline in total foreign trade. Exports amounted to 477.52 billion yuan ($65.48 billion) in the first seven months of this year, a decrease of 2.3 percent, while imports reached 250.14 billion yuan, shrinking by 4 percent.

On a positive note, Ningbo's trade with countries and regions involved in the Belt and Road Initiative saw a growth rate of 8.5 percent thanks to various policies. Additionally, its imports and exports with Central and Eastern European countries achieved an increase of 14.2 percent, despite the challenging economic climate.