Momentum remains for Ningbo this yr

Ningbo, a business hub in Zhejiang province, has maintained its economic momentum for the year to date, with its gross industrial output value reaching 922.6 billion yuan ($151.45 billion) in the first nine months.

Indicators from July to September were especially promising - the city's monthly industrial output value surpassed 100 billion yuan every month during this period.

The industries generated 90.5 billion yuan in profit and taxes in the first three quarters of this year, up 24.5 percent year-on-year. Profits amounted to 46.7 billion yuan, an increase of 38.5 percent compared to the same period of last year.

"The pillar sectors of petrochemicals, power and autos posted a faster increase in profit. They together contributed nearly 37 percent of local industries' total, fueling the growth of the entire city's industrial profit," said Tang Bosheng, spokesman of Ningbo's Municipal Statistics Bureau.

The robust growth is in part attributed to growing domestic demand, local government officials said.

Long known as a dynamic export-oriented economy, the coastal city in East China faces a dismal overseas market this year, prompting local industries to look toward the domestic market for new growth.

Government data shows that the city's industries generated 694.4 billion yuan in total domestic sales in the first nine months. And 10 sectors, including automobiles, reported year-on-year sales growth of more than 10 percent in the domestic market in the same period.

At the same time, inbound investment is another force driving strong economic performance.

A total of 77.72 billion yuan went to industries from January to September, an increase of 24.9 percent year-on-year, accounting for 30.1 percent of the total fixed asset investment.

During the period, construction on 78 key projects have begun as scheduled, involving a combined 18.5 billion yuan investment.

They include a wind power farm, a nursing care community designed for old people, a finance and digital culture town and a SUV vehicle production line invested by automaker Geely as well as a series of infrastructure projects, such as highways and bridges.

The total number of construction projects in the city is estimated to exceed 100 throughout the year, drawing some 100 billion yuan worth of investment.

Owing to a growing infusion into R&D facilities, local companies generated 205.59 billion yuan from new product production in the first nine months.

The city had an inventory of more than 7,600 invention patents as of the end of September, and of them, nearly 1,700 were granted this year.

The Ningbo National High-tech Industrial Development Zone is an active force in boosting the city's innovation-driven strategy.

Companies in the zone have applied for more than 5,000 patents since 2009, with some 3,300 filings granted, posting an annual average growth of over 80 percent.

High-level human resources are no doubt the key to the strong innovative capacity.

Last year alone, the high-tech business cluster drew about 50 R&D institutions and added seven corporation-funded engineering tech centers.

Rich financial and other service organizations also help to build an innovation-friendly environment in the zone, according to the zone"s administrative committee.

Local officials said their target is to draw 100 financial firms and tech-related service intermediaries by 2015.

And introducing 60 testing and certification organizations to the zone is part of their plan.

The ongoing efforts to build an innovation center by attracting more top experts and capital have won the national zone a series of honors, including the award for the best innovation and startup environment.

tangyaochang@chinadaily.com.cn

(China Daily 11/21/2013 page12)