Ningbo's economy thrives Jan-May

The skyline of Ningbo, Zhejiang province. [Photo/WeChat account: nbfb0574]

Ningbo's economy was robust from January to May, with various sectors experiencing stability and growth, according to a recent report released by the Ningbo Municipal Bureau of Statistics.

The city's industrial production maintained a steady upward trajectory, supported by key industries. Industrial companies above designated size witnessed an 8.5 percent year-on-year increase in value added during the five-month period, marking a 0.3 percentage point acceleration compared to the January-April period. Among the 36 major industry categories, 26 industries experienced growth in value added.

The city's trade sector flourished, while the financial industry's operations remained robust. Notably, the sales of goods among above-quota businesses surged by 18.1 percent year-on-year during the first five months, 1.7 percentage points higher than the previous four months. Sales of metal materials and chemical products soared by 22.1 percent and 33 percent, respectively. By the end of May, the total balance of domestic and foreign currency deposits in financial institutions in Ningbo amounted to 3.51 trillion yuan ($483.46 billion), with loans totaling 4.12 trillion yuan, reflecting year-on-year increases of 5 percent and 14.9 percent, respectively.

The cargo throughput at the Ningbo Zhoushan Port reached 592.98 million metric tons, registering a 5.5 percent year-on-year increase during the five-month period. Specifically, the cargo throughput within the Ningbo Port area also grew by 5.5 percent to 291.96 million tons. Additionally, the container throughput at the Ningbo Zhoushan Port saw a 9.3 percent increase, with the container throughput within the Ningbo Port area rising by 10.4 percent to 14.5 million TEUs.

Investment in Ningbo has seen significant expansion, with a particular emphasis on infrastructure development. Fixed asset investment in the city grew by 2.4 percent year-on-year from January to May, with infrastructure investment surging by 15.6 percent, manufacturing investment by 4.7 percent, and real estate development investment declining by 5.2 percent.

The city's consumer markets have exhibited steady growth, with online retail maintaining its vibrancy. The total retail sales of consumer goods in Ningbo hit 202.35 billion yuan during the first five months, a 4.2 percent year-on-year increase.

Ningbo's imports and exports have continued to rebound, with private enterprises playing a pivotal role. From January to May, the city's total import and export volume reached 560.95 billion yuan, marking a 9.2 percent year-on-year increase. Private enterprises significantly contributed to this growth, with their import and export volume reaching 420.76 billion yuan, constituting 75 percent of the city's total and showing a 0.9 percentage point increase over the same period last year.