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Category: Ningbo Business
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Published: Tuesday, 13 December 2011 20:26
Over the past ten years, the trade scale of imports and exports in Ningbo increased over 10 times since China's WTO accession. The dependency rate of foreign trade has increased from 56.2% to 110%, the actual use of foreign capital amounts to 80% of the total and the foreign direct investment increases from 10 million US dollars to 1.2 billion US dollars. In a short period of ten years, Ningbo has realized a leapfrog development with container throuput rising from 1.21 million TEU to over 13 million TEU. These were the statistics released at the Ningbo WTO Affair Consultation Center held a couple of days ago.
There are over 100 foreign trade enterprises with respective output value exceeding 100 million US dollars in Ningbo.
Ningbo made great effort to promote an open economy by taking full advantage of port logistics and private economy. The total volume of imports and exports increased from 8.89 billion US dollars in 2001 to 97 billion US dollars this year. Now Ningbo has basically formed the export commodity structure relying mainly on electrical products supplemented by textile, clothing and light industrial products as well as the import commodity structure relying mainly on resource products and raw materials.
The number of foreign trade businesses has increased from over 1,000 to over 11,000, making direct trade contacts with over 220 countries and regions in the world. In terms of the ranking of imports and exports, Ningbo has risen to the 9th from the 14th last year among 36 provinces, cities, autonomous regions and cities separately designated in the state economic plan.
The foreign direct investment has increased from 10 million US dollars to 1.1 billion US dollars. The registered foreign-funded enterprises in Ningbo reach 5,772, with registered capital totaling 25.56 billion US dollars and actual capital contribution totaling 23.81 billion US dollars. At present, 34 enterprises of the world top 500 have founded 75 subsidiaries in Ningbo including IBM, ITOCHU, SAMSUNG, etc.
The capability of Ningbo companies to invest abroad was enhanced constantly, from single labor export to oversea takeover, research, exploration, etc. Last year, 36 of the 100 top Ningbo companies had oversea returns, with 5.157 US dollars oversea assets and 30,000 employees overseas
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Category: Governmental News
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Published: Tuesday, 13 December 2011 20:25
Recently, since Ningbo Payment and Clearing System opened the cross-bank deposit business for foreign currency, so far 30 banks or so have offered the US dollar business. It's learned that BOC Ningbo Branch is the first in China to offer such service for the payment and clearing system construction.
Cross-bank business for foreign currency, also known as personal foreign currency cross-bank transference, enables individuals in possess of an account at a certain bank to transfer their foreign currency at another correspondent bank (also accepting bank), in line with the stipulations of national foreign currency management. A service charge of 20 Yuan will be charged by the accepting bank for each transaction.
This business saves customers such problems as complex processing, slow transference, high service charges, etc., and avoids exchange loss in transference of foreign currency. With its opening, Ningbo Payment and Clearing System becomes more complete, as Ningbo residents are able to make instantaneous payment whatever the currency type and business type is
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Category: Ningbo News
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Published: Tuesday, 13 December 2011 20:23
On December 7, the Standard Chartered released the SMEs' Confidence Index in Ningbo, which reflect the operating environment, the operations, investment orientation and financing needs of SMEs. It shows that the index for Chinese SMEs stands at 47.37, with the operation confidence index at 59.79 and the macro confidence index at 33.13.
This was the first time that an overseas bank released the index for Chinese SMEs.
The indexes released yesterday showed that SMEs in China take a prudent attitude toward the economic operations of China and the confidence towards financing tends to be weak. But comparatively speaking, the operation confidence is stronger, indicating that most businesses are having stable production and sales.