Ningbo unveils measures to boost five emerging industries

Ningbo in East China's Zhejiang province recently unveiled a total of 10 measures to boost the development of five emerging industries in the city.

The five sectors are healthcare, industrial Internet, 5G+, digital economy, and intelligent logistics.

According to a government guideline on accelerating the development of key emerging industries released in March, the city aims to develop emerging industries into important engines of local economic growth.

By 2025, the added value of the healthcare industry is expected to account for 7.5 percent of the city's total GDP, and it is hoped that the output of core industries in the digital economy will make up 9 percent of the city's GDP.

By the time, Ningbo hopes to increase the value of the city's cross-border e-commerce imports and exports to over 200 billion yuan ($28.98 billion), while the goal for online retail sales is set at 450 billion yuan.

These 10 measures are expected to help achieve these goals. Eligible companies are entitled to a government subsidy of up to 10 million yuan.

The city will also ramp up efforts to attract investment in these five emerging sectors and motivate enterprises to extend their industrial chains.

Efforts will also be made to strengthen the resilience of the enterprise industrial chain, accelerate the development of innovative start-ups, and spur innovation among enterprises.

In addition, local authorities will facilitate the construction of new infrastructure such as 5G base stations, internet of things, and smart agriculture, speed up the commercialization of scientific and technological achievements and push ahead with the implementation of application scenarios.

It will also advance cooperation with research organs to develop core technology and step up efforts to attract global talent.