I/E Volume:10 Times Growth in 10 Years
- Details
- Category: Ningbo Business
- 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
