Ningbo: A fertile ground for SME growth

Ningbo secured the seventh spot among cities at the vice-provincial level and above in China in terms of the development environment for small and medium-sized enterprises in 2023, according to a report recently released by the Ministry of Industry and Information Technology.

The report assessed 19 cities at the sub-provincial level or above and 31 prefecture-level cities nationwide in five key areas: market environment, legal environment, financing environment, innovation environment, and policy environment for SMEs.

In the ranking of cities at the sub-provincial level or above, Ningbo followed Shanghai, Shenzhen, Beijing, Guangzhou, Hangzhou, and Nanjing, marking the fourth year in a row it is has ranked among the top 10 nationwide.

Within the measured areas, the city performed particularly strongly in the financing environment, ranking 4th among vice-provincial cities and above. This achievement surpassed Hangzhou and closely trailed Shanghai, Shenzhen, and Nanjing.

Renowned as a national manufacturing hub, Ningbo stands as a prime destination for investment capital. The city currently hosts 104 national-level manufacturing champions, businesses with leading market shares in the nation.

The city has a dynamic capital market that injects vitality into the real economy. With 122 A-share listed companies, Ningbo ranks 9th nationwide. As of 2023, Ningbo was home to 677 private fund managers overseeing approximately 744.29 billion yuan ($102.57), securing the 7th spot among 36 jurisdictions across the country.

The local government has proactively implemented various initiatives to foster a favorable market environment, innovation ecosystem, and policy framework for SMEs. In 2023, a series of measures were rolled out to alleviate the operational burdens on enterprises, resulting in a total cost reduction of 50.84 billion yuan, benefiting nearly 9.72 million business entities. Additionally, the establishment of 48 provincial-level industry chain upstream and downstream enterprise communities was implemented to further bolster the city's economic and innovation landscape.