Copyright 2023 - Ningbo Life / Ningbo Expat

Ningbo’s economy shows a sustained and stable recovery in July

According to the Municipal Bureau of Statistics, in July, Ningbo's top priority was to anchor high-quality development, and solid efforts were made to stabilize consumption, foreign trade, industry, and main sectors. Ningbo's economic operation showed a sustained and stable recovery.

Firstly, industrial production was steadily increasing, and emerging industries are developing well.

From January to July, the added value of industries above designated size amounted to 296.2 billion yuan, up by 4.0% year-on-year and 0.8 percentage points higher than the first half of the year. In July, the added value of industries above designated size increased by 9.0% year-on-year, 0.2 percentage points higher compared to June.

From the top ten industries with added value, key industries such as chemical raw materials and products, automotive manufacturing, and electrical machinery have seen rapid growth, with growth rates of 16.5%, 13.5%, and 11.4%, respectively. Advanced manufacturing industries such as strategic emerging industries, environmental protection industries, high-end equipment, and artificial intelligence grew by 8.0%, 7.8%, 6.6%, and 6.5% respectively.

Secondly, the service industry saw a stable growth, financial deposits and loans growing rapidly.

From January to July, the sales of goods above designated size in the city increased by 5.1% year-on-year, with major commodities such as chemical materials and products, and metal materials increasing by 18.6% and 9.8% respectively, an increase of 3.8 and 0.3 percentage points compared to the first half of the year. The cargo throughput of Ningbo Zhoushan Port amounts to 790 million tons, up by 5.0%. At the end of July, the balance of local and foreign currency deposits in financial institutions in Ningbo reached 3.37 trillion yuan, and the balance of loans amounted to 3.67 trillion yuan, an increase of 13.3% and 14.8%, respectively.

Fixed assets investment grew steadily and infrastructure investment grew rapidly. From January to July, Ningbo's fixed assets investment increased by 9.2% year on year. From the perspective of investment composition, infrastructure investment increased by 24.4%, with investment in transportation and water management industries increasing by 42.9% and 26.3% respectively; Manufacturing investment increased by 10.7%, continuing to maintain double-digit growth

f t g m