Copyright 2024 - Ningbo Life / Ningbo Expat

R&D investment in Ningbo hits a new high

“We will give full play to the driving effect of innovation.”

The Economic Work Conference held by Ningbo Municipal Party Committee on December 25 deployed the eight key economic jobs for the new year, giving priority to the innovation work.

Innovation is the primary driving force for development. Without significant investment in innovation, it is difficult to achieve significant output in development. In recent years, with the focus on the task of technological innovation, Ningbo has promoted a significant increase in the intensity of research and development funding, making research & development and innovation the core driving force for economic growth.

It is estimated that in 2023, the R&D investment maintained a double-digit growth, as it may exceed 3% of the total investment, hitting a historical high. 

It should be noted that the double-digit growth rate was achieved on the basis of the high growth rate of the previous year. According to the statistics of the provincial Bureau of Statistics, Ningbo’s R&D investment in 2022 increased by 14.5% compared to the previous year, an increase of 6.4 percentage points, and accounted for 22.5% of the total growth rate of the whole province, ranking first among all the cities in Zhejiang Province.

The continuous and significant increase in R&D investment over the years cannot be achieved without the strong support and guidance of the municipal party committee and the municipal government.

Ningbo has made it clear that the annual growth of the city’s investment in science and technology should not be less than 20%, and the 15 articles of the “New Policy on Developing Science and Technology” may provide an annual financial and tax support of over 20 billion yuan.

“We will focus on innovation with higher intensity, by vigorously investing in innovation, developing high-quality projects, and strengthening the foundation, to promote a leapfrog improvement in innovation level.” said Peng Jiaxue, member of the Standing Committee of Zhejiang Provincial Party Committee and Secretary of Ningbo Municipal Party Committee.

In recent years, Ningbo has made extraordinary and large-scale investment in scientific and technological innovation, and intensively planned and buit innovation platforms, in an effort to continuously enhance the overall potential for innovation. Efforts have been made in building the Yongjiang River Science and Technology Innovation Zone with world-class standards, building the high-level new laboratory system led by the Yongjiang Laboratory, attracting the Joint Fund for Regional Innovation and Development of the National Natural Science Foundation, and launching the “Yongjiang Sci-Tech Innovation 2035” strategic coordination plan, the key technological breakthrough plan, the ecological cultivation plan, and the major demonstration plan. 

Enterprises are the main undertaker of technological innovation and the main force for research and development investment. Ningbo has strengthened policy supply and innovation mechanism, and increased support and guidance, to fully supports enterprises to invest in scientific and technological innovation.

Last year, Ningbo Science and Technology Bureau, together with the municipal Bureau of Finance, formulated the “Implementation Rules for Several Policies to Further Promote Science and Technology Innovation and Accelerate the Construction of Innovative City (2023 Edition)”, which clearly stated that for any enterprise with an annual R&D expense of over two million yuan, and an annual growth rate of over 10%, whose internal R&D expense accounting for more than 3% of its operating income, a support at the rate of 10% for the incremental part will be granted, with the maximum of three million yuan.

Ningbo has also strengthened support for the recognition of high-tech enterprises: for small and medium-sized enterprises that have entered the national science and technology industry and submit their application for recognition of high-tech enterprises for the first time, a one-time subsidy of no more than 50,000 yuan will be granted. For high-tech enterprises that have been recognized for the first time, a one-time reward of no more than 200,000 yuan will be given. 

The solid investment, together with the precise and effective policies, have created a first-class innovation ecosystem and a good atmosphere for innovation.

Read more: R&D investment in Ningbo hits a new high

Ningbo's industries are revitalized with digital technology

What surprises will there be when the Mid Autumn Festival mooncakes are filled with 5G wings? What happens when a dock has 678 chips? What sparks will arise when a strong manufacturing city in Ningbo encounters TikTok's "overseas broadcasting e-commerce"?

The wave of digital economy is permeating every aspect of people's production and life. In Ningbo, beauty is not limited to the imagined beauty, but rather becomes a reality due to "digital technology".

New digital models create new market opportunities

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10 Ningbo enterprises included in “2023 China Top 500 Enterprises”

On the afternoon of September 20, China Enterprise Confederation and China Enterprise Directors Association released three lists: “2023 China Top 500 Enterprises”, “China Top 500 Manufacturing Enterprises” and “China Top 500 Service Industry Enterprises”. To be specific, 10 enterprises in Ningbo are included in the “2023 China Top 500 Enterprises”, 18 enterprises in the “China Top 500 Manufacturing Enterprises”, and 13, in the “China Top 500 Service Industry Enterprises”.

Compared with last year, there was an addition of a Ningbo enterprise in the “China Top 500 Enterprises”. Youngor ranks 161st with a revenue of 171.5 billion yuan for 2022; Jintian Holdings ranks 195th with 134.569 billion yuan; China-base Ningbo Group ranks 223rd with 116.077 billion yuan; and AUX ranks 298th with 81.08 billion yuan. Grand Resources, FUTURECO, and Shanshan Corporation rank 312th, 365th, and 367th with a revenue of 76.115 billion yuan, 62.766 billion yuan, and 62.541 billion yuan respectively. Besides, Fubang Holdings ranks 399th with 57.521 billion yuan; Junsheng Electronics ranks 475th with 49.793 billion yuan; and Ningbo Development & Investment Group ranks 499th with 47 billion yuan.

Read more: 10 Ningbo enterprises included in...

A historic breakthrough! Ningbo Zhoushan International

Shipping Center rose to the 9th of the rank

Ningbo, built by Hong Kong, prosperous because of Hong Kong.

On September 22, the "Xinhua Baltic International Shipping Center Development Index Report (2023)" was released in Shanghai (hereinafter referred to as the report). According to the report, the top 10 global shipping center cities in terms of comprehensive strength in 2023 are Singapore, London, Shanghai, Hong Kong, Dubai, Rotterdam, Hamburg, Athens-Piraeus, Ningbo Zhoushan, and New York-New Jersey.

Ningbo Zhoushan's International Shipping Center Development Index jumped to 9th place, achieving a historic breakthrough after ranking among the top 10 for the first time in 2021 and consolidating the previous year's position in 2022, surpassing world-renowned ports such as New York-New Jersey, Houston and Tokyo.

Read more: A historic breakthrough! Ningbo...

Special board opens for SMEs in Ningbo

Good news comes for the small and medium-sized enterprises, as the new force for high-quality economic development in Ningbo. On the afternoon of September 19, at the Ningbo Stock Exchange Center, the special board for SRDI SMEs was officially opened, with the first 108 SRDI enterprises listed on the board.

It is understood that the special board is jointly guided by Ningbo Local Financial Supervision Bureau, Ningbo Economic and Information Technology Bureau, and the Ningbo Regulatory Bureau of the China Securities Regulatory Commission, and operated by Ningbo Stock Exchange Center.

In June of this year, Ningbo was successfully shortlisted for the first batch of special board (for SRDI SMEs) construction plans announced by the China Securities Regulatory Commission.

Read more: Special board opens for SMEs in Ningbo

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