18 billion yuan to be invested in major "six-quickening" projects by state-owned enterprises

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Category: Ningbo Business

Published: Tuesday, 28 February 2012 11:13

In the breakthrough year of the major "six-quickening" projects, Ningbo will optimize the investment structure of its state-owned assets and increase investment efforts. News comes from the Working Conference for State-owned Assets and Enterprises held recently, this year, the investment by state-owned enterprises in major "six-quickening" projects will surpass 18 billion yuan.

The conference makes it the aim to display fully the leading and supporting role of the municipal state-owned enterprises in strategic, fundamental and livelihood areas and to make great efforts to promote the stable and rapid economic and social development.

Last year, the state-owned enterprises in Ningbo played a leading role in the development and construction of the strong international port, major infrastructure projects, major urban blocks and major livelihood projects, besides preserving and increasing the value of state-owned assets. By the end of last year, the ten specially inspected major government projects undertaken by state-owned enterprises in Ningbo had completed an investment of 8.965 billion yuan, 110% of the yearly plan.

This year, the state-owned enterprises will continue to enlarge the effective investment demands, and accelerate the construction of a batch of major infrastructure projects, major urban block projects and major livelihood projects, such as the rail traffic, the south and north outer-ring expressways, Chuanshan Port Highway, Xiangshan Port Bridge, Sanmen Bay Bridge, "the north banks of the two rivers", Qincun Reservoir and cultural squares. And the intended annual investment will surpass 18 billion yuan.

In accordance with the requirements of building the core area of Zhejiang Marine Economic Demonstration Zone, the municipal state-owned enterprises will also make great efforts in investing in marine economy in order to promote the strategic transformation of Ningbo port from "goods transport port" to "trade logistics port". Ningbo Municipal SASAC encourages the combination of industry and finance, endeavors to promote the state-owned enterprises to invest in marine industry, and supports the development of marine finance industry with marine industry fund and East Sea Bank, etc. as the main body. It will also strengthen its financial security for marine economy development by realizing an investment of over three billion yuan.

In terms of the development of large port industries, the state-owned enterprises will also display their leading role, further optimize the structure and put in more investments. The investment in such major projects as Zhenhai Power Center, LNG cold energy utilization, big ethylene project of Zhenhai Refining & Chemical Co. and the second phase of big ethylene project of Formosa Plastics Group will surpass one billion yuan this year.

Ningbo opens first rural joint venture bank

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Category: Ningbo Business

Published: Wednesday, 22 February 2012 09:09

HANGZHOU - China's first rural joint venture bank has opened its doors in the port city of Ningbo in East China's Zhejiang province, local authorities said Monday.

The BOC Fullerton bank was jointly established by the Bank of China and Fullerton Financial Holdings, a subsidiary of Singapore-based Temasek Holdings.

The bank will focus on serving small- and medium-sized enterprises, as well as handle customs-related transactions, local authorities said.

China established 786 new rural financial institutions by the end of 2011, including 726 banks, 10 credit companies and 50 mutual fund cooperatives, according to data from the China Banking Regulatory Commission.

Ningbo trade with Africa increased by 10% in January

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Category: Ningbo Business

Published: Wednesday, 22 February 2012 10:23

With the weakening of the traditional markets in Europe and the United States, Africa has become an important target market for foreign trade enterprises in Ningbo. According to statistics from Ningbo Customs, in January, the volume of trade with Africa reached $340 million, up by 10.4% over the same period last year, accounting for 4.1% of the total foreign trade volume of Ningbo. To be specific, the volume of imports reached $56.82 million, an increase of 2.6%, and that of exports reached $280 million, up by 12.1%.

The general trade is the main means of trade between Ningbo and Africa. Its volume reached $310 million, up by 10.9%, accounting for 91.2% of the trade volume with Africa. The major imports from Africa include iron ore and concentrates ($27.282 million, up by 3.6 times) and old metal ($9.12 million, up by 4.2%). The major exports are mechanical and electrical products ($120 million, up by 11.4%) and textile and garments ($54.269 million, up by 5.4%).

In January 29 local time, the 18th African Union Summit was held in Addis Ababa, capital of Ethiopia, which is of great significance to the Sino-African relations. It is advisable for related import and export enterprises to seize the chance to make efforts to explore more diversified marketing channels in Africa.

Bank of Ningbo and CITIC PE Work Together in Many Business Links

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Category: Ningbo Business

Published: Wednesday, 22 February 2012 09:07