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Category: Ningbo Business
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Published: Tuesday, 21 February 2012 10:02
According to Ningbo Customs, imports from Taiwan via Ningbo Port in 2011 stood at 8.06 billion US dollars, accounting for more than 10% in the total import volume. Among them, the value of ECFA products reaches 1.264 billion USD, accounting for 40.62% of the national total, ranking the first among all ports.
ECFA (Economic Cooperation Framework Agreement) early harvest lists were formally implemented on January 1st, 2011. The mainland promises tariff preferences on 557 products and tariff will be reduced to zero during 3 phases in 2 years. In the past year, the range of exports from Taiwan has expanded from single chemicals to 136 other commodities such as mountain bikes and auto parts. As an important chemical base, Ningbo has a great demand for chemical raw materials. Last year alone, Ningbo imported 355,000 tons of xylene, worth 580 million USD, up 48.6% and 1.3% respectively.
The ECFA Early Harvest Program starts the second-phase tariff reduction from 2012. Except for the 30 products with a tax rate reduced from 15% to 5%, the rest are no longer taxed. In the first week in January, Ningbo Customs has received 29,000 tons of imported Taiwan products, worth about 40 million USD.
A batch of enterprises in Ningbo have benefited from ECFA Early Harvest Program. Import of Taiwan products via Ningbo Port has enjoyed tariff preferences of 186 million yuan in 2011.
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Category: Ningbo Business
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Published: Tuesday, 14 February 2012 11:43
Ningbo has launched a venture capital investment fund program that targets cooperation projects to be collected in public from today on.
With 250 million yuan earmarked for the first phase and 1 billion in total, the fund is non-profit. It aims at motivating the financial fund to give its leverage effect. By supporting commercial venture capital enterprises, the fund encourages social capitals to enter the field of venture capital, which is expected to improve the environment for venture investment in Ningbo.
According to the city's industrial development plan, the fund will mainly flow to areas of new materials, new equipment, new energy, new communication technology, marine high-tech, energy saving and environmental protection, health and creative designing. The fund will be for sharing but not holding equities, so as to ensure the decision-making independence and commercialized operation of venture capital businesses and startups.
To insure that the fund is wisely used, the government of Ningbo specially sets up a management committee as a decision-making body for the fund. Also, Ningbo Industrial Investment Group sets up an initiation fund management company, which is in charge of fund and investment. It will largely boost the development of startups and high-tech enterprises.
The projects to be collected mainly include two kinds. One is temporary equity projects, for which the fund will be introduced to venture capital businesses in the form of equity investment and it will retreat within an agreed period of time. The other is follow-up investment projects, for which the fund will be invested on startups selected by venture capital companies (which will be jointly funded by the fund and the venture capital companies). Projects of this kind must be in the administrative regions of Ningbo Municipality
All of the venture capital companies and high-tech enterprises that meet the conditions can apply. The fund will be available for projects that meet specific requirements, so as to better contribute to the transformation and upgrading of industries in Ningbo.
