How is Ningbo’s economy?
As an important port city in China and a core member of the Yangtze River Delta Economic Circle, Ningbo's economic development has attracted much attention in recent years. The following uses structured data and analysis to comprehensively interpret Ningbo’s recent economic performance.
1. Overall performance of Ningbo economy
According to the latest data in 2023, Ningbo’s total GDP ranks 12th in the country, with a growth rate higher than the national average. The following is a comparison of Ningbo’s GDP with that of the country:
| index | Ningbo | Nationwide |
|---|---|---|
| Total GDP in 2023 (trillion yuan) | 1.64 | 126.06 |
| Year-on-year growth rate | 6.1% | 5.2% |
| GDP per capita (10,000 yuan) | 17.3 | 8.9 |
2. Performance of key industries
Ningbo is a city founded on manufacturing. The following are the 2023 data for the three pillar industries:
| industry | Output value (100 million yuan) | year-on-year growth | % of GDP |
|---|---|---|---|
| petrochemical industry | 4850 | 5.8% | 29.6% |
| Equipment manufacturing | 4120 | 7.2% | 25.1% |
| Textile and clothing | 1850 | 3.5% | 11.3% |
3. Foreign trade performance
As the world's largest port, Ningbo Zhoushan Port's cargo throughput will reach 1.26 billion tons in 2023, ranking first in the world for 14 consecutive years:
| index | 2023 data | Year-on-year change |
|---|---|---|
| Total foreign trade import and export volume (100 million yuan) | 12680 | +3.2% |
| Export volume (billion yuan) | 8120 | +2.8% |
| Import value (billion yuan) | 4560 | +4.0% |
4. Vitality of private economy
Ningbo is one of the cities with the most developed private economy in China. Private enterprises contribute more than 80% of the city’s employment:
| index | data |
|---|---|
| Number of private enterprises (10,000) | 42.6 |
| Proportion of added value of private economy | 66.2% |
| Number of private listed companies | 108 |
5. Recent hot topics
1.Green petrochemical base construction: The Ningbo Green Petrochemical Base project with a total investment of 500 billion yuan was approved and is expected to be completed in 2025.
2.Digital economy accelerates: The added value of Ningbo’s core digital economy industries will reach 125 billion yuan in 2023, a year-on-year increase of 15%.
3.Cross-border e-commerce development: The import and export volume of Ningbo Cross-border E-commerce Comprehensive Pilot Zone exceeded 200 billion yuan, a year-on-year increase of 25%.
6. Future Outlook
Ningbo is accelerating the construction of "246" trillion-level industrial clusters (2 trillion-level, 4 500-billion-level, 6 100-billion-level), focusing on the development of new materials, intelligent manufacturing and other emerging industries. With the in-depth implementation of the Yangtze River Delta integration strategy, Ningbo's hub status in the new dual-circulation development pattern will be further enhanced.
Overall, Ningbo's economy maintains a steady growth trend, its industrial structure continues to be optimized, its private economy is full of vitality, its foreign trade advantages are obvious, and its future development potential is huge. However, it also faces challenges such as pressure for transformation and upgrading and resource and environmental constraints, and needs to further promote high-quality development.
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