More than 10.7 Billion Yuan of Tax Deductions and Exemptions in Ningbo for Energizing Enterprises

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Category: Governmental News

Published: Tuesday, 18 August 2020 12:58

The data of the final settlement of the business income taxes in 2019 of Ningbo are released. It is indicated that there are 1060 high-tech enterprises in Ningbo enjoying the preferential policy of lowered 15% tax rate for income tax, which is 4.666 billion yuan of tax reduction; 5678 enterprises enjoy the preferential policy of 175% additional deduction for research and development expenses, and the tax reduction is 6.039 billion yuan for them. The two policies have reduced the burden of 6738 companies by more than 10.7 billion yuan. The number of enterprises as beneficiary has increased by 26.63% year-on-year, and the amount of tax deductions and exemptions has increased by 25.07% year-on-year.

“For we thought that the additional deductions of R&D expenses and preferential policies for high-tech enterprises were the ‘privilege’ of the manufacturing industry, we did not expect that the construction industry could also be covered by this policy!” Ningbo Municipal Engineering Construction Group Co., Ltd. is a newly recognized high-tech enterprise in 2019. For this unexpected tax cut, Chief Financial Officer Chen Bohe was overwhelmed with joy

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Hangzhou Bay New District tops city’s GDP growth rate in first half of year

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Category: Governmental News

Published: Monday, 03 August 2020 15:21

From January to June, Hangzhou Bay achieved a year-on-year GDP growth of 3.4%, ranking first in the city. Its fixed asset investment increased by 15.1% year-on-year, ranking second. Also, its value added of service industry increased by 11.7% year-on-year, ranking first. It’s 52 industrial projects were introduced, with a total investment of 26.805 billion yuan, an increase of 101.75% year-on-year. This is the high score delivered by Hangzhou Bay New District in the first half of the year.

The Hangzhou Bay New District has taken the initiative to promote economic and social development in an integrated manner, fully implemented its tasks, and acted with extraordinary responsibility and strategies.

Precise policy focuses on saving and digging. By improving the service chain, opening up the industrial chain and enhancing the value chain, the output value of the automobile industry in the first half of the year has reached 46.21 billion yuan, with a drop of 15.3 percentage points compared with the first quarter. In the first half of the year, the output value of the auto industry in the new area reached 46.21 billion yuan, a significant reduction of 15.3 percentage points from the first quarter. The emphasis of digging out increment is to promote return. The first half of the new wholesale sales of 5 billion yuan, pulling GDP growth of 0.4 percentage points.

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Ningbo ranks 8th in 2019 China's top 100 foreign trade cities

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Category: Governmental News

Published: Monday, 03 August 2020 15:24

On July 28, China Customs magazine, sponsored by the General Administration of Customs, released the list of 019 Top 100 Chinese Foreign Trade Cities. In this list, Ningbo ranks eighth in the country, the same as in 2018. Along with Ningbo on the list of the country’s top ten cities, there are also Shenzhen, Shanghai, Guangzhou, Dongguan, Xiamen, Suzhou, Zhuhai, Chongqing and Qingdao, all of which are directly under the central government or open coastal cities.

It is reported that the selection criteria of this list, including level competitiveness, structural competitiveness, efficiency competitiveness, development competitiveness and potential competitiveness of the five sub-categories, a total of 25 indicators, thereby calculating the comprehensive competitiveness of foreign trade of cities above prefecture and municipal levels nationwide score, with strong professionalism and authority. The fact that Ningbo ranked in the top ten for two consecutive years is sufficient to show the toughness of this port city in the field of open economy.

The 2020 Ningbo foreign trade still delivered a remarkable report card. According to Ningbo Customs statistics, from January to June, the total value of Ningbo’s foreign trade import and export was RMB 430.75 billion, narrowing the decline by 5.4

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Construction of Asia’s largest marine interchange bridge kicks off

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Category: Governmental News

Published: Monday, 03 August 2020 15:20

On July 27, the Ningbo Phase I project Binhai interchange section of Asia’s largest sea interchange bridge Hangzhou-Ningbo Expressway double line has officially started construction, according to Ningbo city traffic department,

Binhai Interchange is a sea interchange overpass connecting Hangzhou-Ningbo Expressway double line and Ningbo-Zhou Expressway, which adopts deformed clover leaf (single-ring type) interchange. It is composed of 1 main line interchange bridge and 8 ramp bridges. The total length of the main line is 1550 meters and the total length of the ramp is 6387 meters, which will become the largest sea interchange overpass in Asia after completion.

Hangzhou-Ningbo double line S3 contract section of the main project Binhai viaduct and sea interchanges construction difficulty, high technical requirements, the main line bridge and ramp bridge 4 times across the Jintang Bridge. In addition, the Binhai viaduct crosses natural gas pipeline, crude oil pipeline, power plant water intake shield tunnel, Zhoushan water supply pipeline, Zhoushan 500 kV submarine cable, drainage pipeline and other 17 submarine pipelines of national livelihood, with high safety risk and complex construction organization. It is expected to be connected to the adjacent sections of the sea channel within three months.

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