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The Ningbo Area of Zhejiang Pilot Free Trade Zone Officially Opened

On September 24, the Zhejiang Provincial Party Committee and the Provincial Government held the opening ceremony of the expansion area of the China (Zhejiang) Pilot Free Trade Zone at the Great Hall of the People of Zhejiang Province. The three new areas of the Zhejiang Pilot Free Trade Zone, namely, Ningbo, Hangzhou, and Jinyi, were officially unveiled.

 After being granted greater autonomy in reforms in March 2020, the Zhejiang Pilot Free Trade Zone ushered in the successful approval of the expansion of the zone, marking that the Zhejiang Pilot Free Trade Zone has entered a new stage and officially opened the prelude to the construction of the Pilot Free Trade Zone version 2.0.

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Ningbo to build world-class green petrochemical industrial cluster

At the press conference of the China International Petroleum Chemical Industry Congress held on the afternoon of September 22, Ningbo announced to the media from all over the country that during the 14th Five-year Plan period, Ningbo will invest about 400 billion yuan in the construction of a range of petrochemical new materials projects. The output value of the green petrochemical industry will exceed one billion yuan, making it a world-class green petrochemical industrial cluster.

“As a leader in the cultivation of the ‘246’ billion-level industrial clusters, Ningbo has the basis and potential for building the trillion-level industrial clusters and the globally leading green petrochemical industrial base.” said Tong Honggen, Deputy Director of Ningbo Economic and Information Technology Bureau, at the press conference.

There are now over 280 large-scale petrochemical enterprises

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The Integrated Application of Electronic Business License and Electronic Seal in Ningbo

Since August, the digitalized “1+0” mode for opening enterprise in Ningbo has been officially launched. According to this mode, a newly opened enterprise can simultaneously obtain an electronic business license, electronic seal and tax UKey. This is another innovative measure taken by the city to further reduce the time for opening enterprises, to improve the convenience of setting up enterprises, and to stimulate the entrepreneurial and innovative vitality of market subject. Ningbo is the second city in China to implement the integrated application of electronic business license and electronic seal after Shanghai.

What is “1+0” mode? According to the director of the Administrative Examination and Approval Division of the Municipal Market Supervision Bureau, “1” refers to the integration of seal making and invoice application into the business establishment process, achieving “1 link” completion; “0” refers to zero cost, i.e., the newly opened enterprise will obtain free electronic business license, electronic seal, tax UKey at the same time. The director said, “We have integrated all the online links and business systems of enterprise establishment to achieve ‘one-time login, one-network operation’. We will extend the enterprise establishment window to various bank outlets and provide one-stop service offline through deepening the cooperation between government and banks.”

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Ningbo to build expansion area for Zhejiang Pilot Free Trade Zone

The plan for the expansion area ofChina(Zhejiang) Pilot Free Trade Zone was released on September 21. According to the plan, the 46-kilometer expansion area in Ningbo will undertake the strategic functional orientation of “one hub, three centers and one demonstration zone”, namely, the international shipping hub, the three centers with international influence (the distribution center for oil and gas resources, the innovative center for international supply chain, and the global sci-tech innovation center for new materials), and the demonstration zone for the high-quality development of intelligent manufacturing.

Ningbo-ZhoushanPortis an important hub gateway for china's opening up. Reportedly, Ningbo will give full play to the “hardcore” role of the port, strengthen the linkage of the sea port, the airport, the inland port and the information port, improve the port’s intelligent infrastructure construction, and make efforts to develop such high-end shipping services as shipping finance and insurance, international marine affairs, and shipping trade and transactions. It will also build the high energy-level shipping service platforms, and construct

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

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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