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Ningbo Global Import Town will soon be established

t is good news for sea food lovers in Ningbo that the Ningbo Global Import Town is about to be established when exotic sea food like Argentina red shrimp, Mozambique tiger prawn, and Ecuadorian white shrimp from the Spanish sea food giant PESCANOVA will be transported directly to Cixi.

The Ningbo Global Import Town Project aims at building a large complex of fresh food and international goods by utilizing the geographical advantages of Cixi, Ningbo Port, and other neighboring regions. Thus, a conduit for export and import trade and technical and cultural communication can be established, as well as a product certification platform in EU with the help of foreign parties. This project will work as a window and make use of domestic and international markets to boost Cixi’s industrial upgrading and make it more international.

The project, designed by PESCANOVA from Spain, SIMAB from Portugal, MERCASA from Spain and Tongji University, is expected to receive an investment of 7.7 billion yuan, achieve a commodity trading scale of 10 billion, and create 3,000 more jobs.

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Ningbo Ranks First in Cooperation With CEEC According to CASS

“Ningbo is surpassed all the other Chinese cities in terms of cooperation with central and eastern European countries.” According to the evaluation results of 17+1 cooperation released by Chinese Academy of Social Sciences 17+1 Think Tank Network, Ningbo topped all the other cities.

Ningbo was again recognized as a pacesetter in 17+1 initiative.

Upon hearing the news on the afternoon of June 5, Ningbo Bureau of Commerce expressed their joy at receiving national recognition. As China-CEEC EXPO to be held in Ningbo is right around the corner, this good news is particularly inspiring.

The report published by Chinese Academy of Social Sciences looked at the interconnectivity, economic and trade cooperation, policy coordination, people-to-people exchanges and think tank participation of different regions, which serves as a systematic and impartial assessment of the synergy between Chinese cities and 17+1 initiative.

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Companies Most Worth Investing in Ningbo

The 3-month search for the companies most worth investing concluded in the afternoon on July 3. Ningbo Phase stood out among over 400 businesses and was crowned the title “Star of Technological Innovation”. Changyang, Kunde, Khansword and Conda were awarded “Star of Progress”. Rivamed, Flycore, Jenscare, Newgen and Wukong won the title “Star of Innovation”. 

As the platform to connect capital market for Ningbo businesses and the window to showcase progress, the search for the companies most worth investing has been carried out 4 times, exploring over 300 enterprises with great potential and reached a total of 3 billion yuan of financing. Among them, Medicalsystem and Exciton have already been listed while Rongbay and Solartron are making efforts to be registered in Science and technology innovation board.

With the goal of meeting the requirements of Shanghai Stock Exchange, great endeavors have been made in 2019 to exploit innovative businesses with great potential, which was closely watched by leading companies in new materials, new energy, smart manufacturing, bio-pharmaceutical and information technology. The 10 companies most worth investing were finally picked out after rounds of selection including information review on-site inspection.

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Ningbo enterprises are invited to participate in the Thailand International Logistics Exhibition

On June 4th, the Consulate General of Thailand in Shanghai and the Department of International Trade Promotion of the Ministry of Commerce of Thailand hold the Thailand Bangkok International Logistics Exhibition Promotion Conference in Ningbo, inviting Ningbo logistics enterprises to attend the exhibition. It is reported that the exhibition will open from August 28th to 30th, with more than 10,000 professional merchants expected to come.

Bangkok International Logistics Exhibition is the largest international logistics trade exhibition in southeast Asia, which has been successfully held for 14 years. More than 400 enterprises from the fields of material handling and storage equipment, logistics services and supply chain, and security have signed up to participate in the 2019 International Logistics Exhibition, covering an exhibition area of nearly 10,000 square meters. THONG TANGSRITRAKUL, vice President of the Thai logistics federation, tells us that logistics is one of the four most important pillar industries in Thailand and has great potential for future development.

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Ningbo enterprises benefit from VAT reduction of imports

“Since the VAT rate was lowered on April 1 this year, the import value-added tax that we need to pay has been greatly reduced.” On May 22nd, the person in charge of Supertime (Ningbo) Malt Co., Ltd. said that it has helped them save 24,000 yuan in taxes from 1,000 tons of imported barley.

Since April 2019, VAT rate on imported goods has been lowered overall. Imported goods that enjoy VAT reform are mainly two categories: for the first category, the tax rate is adjusted from 16% to 13%, mainly including mineral products, crude oil, machinery and equipment; the other is adjusted from 10% to 9%, mainly including agricultural products, natural gas, agricultural machinery, petroleum liquefied gas, etc. According to statistics from Ningbo Customs, Ningbo enterprises enjoyed a tax reduction of nearly 1.23 billion yuan in April.

The person in charge of Jinguang Food (Ningbo) Co., Ltd. said that after the tax rate was lowered by 1 point, the company's import VAT in April was reduced by 3.65 million yuan. It is estimated that the annual VAT paid in 2019 can be reduced by 16.58 million yuan

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