SOEs bolster Ningbo's economic growth

A view of Ningbo International Convention and Exhibition Center in East China's Zhejiang province. [Photo/WeChat account: nbfb0574] 

State-owned enterprises have been playing a pivotal role in stabilizing economic growth in Ningbo, East China's Zhejiang province.

In the first five months of this year, effective investments by municipal State-owned enterprises hit 44.07 billion yuan ($6.78 billion), up 71.6 percent year-on-year.

Specifically, investments in fixed assets totaled 30.99 billion yuan over the five-month period, an uptick of 61.9 percent year-on-year, according to official statistics from the Ningbo Municipal State-owned Assets Supervision and Administration Commission.

The city's State-owned enterprises have invested heavily in infrastructure construction and established a presence in fields including supercomputing, oil, gas and food supply.

The authorities have set the target of increasing investments by the city's State-owned enterprises to no less than 84 billion yuan this year.