The Ningbo area of the China (Zhejiang) Pilot Free Trade Zone has achieved remarkable accomplishments since its establishment on Sept 24, 2020.  

In the past year, the area achieved the largest GDP among the Zhejiang FTZ's four sections, according to official data.

It was also ranked first in the FTZ in foreign trade volume and tax revenue and had registered the fastest growth in actual use of foreign investment.

In addition, the Ningbo area has rolled out a string of institutional reform practices that can be replicated elsewhere in China.

A list of 56 institutional reform practices has been unveiled by the area, among which 16 have been implemented and two have been designated as the top 10 reform practices in Zhejiang FTZ.

The Ningbo area has emerged as a magnet for global investments.

This year, a total of 35 major industrial projects, which are expected to generate about 26.2 billion yuan ($4.03 billion) in aggregate output value, have been put into operation in the area.

In addition, 66 major projects in the service sector have also been put into use, with a combined annual revenue surpassing 200 billion yuan.

The Ningbo area of the Zhejiang FTZ covers a total area of 46 square kilometers and is composed of three sections: the Daxie area (15.2 square kilometers), the Meishan area (7.8 sq km), as well as the Ningbo Free Trade Zone (17.8 sq km).

According to a plan released by the local government in May, the Ningbo area is positioned to become an international shipping and logistics hub, internationally influential oil and gas resource distribution center, innovation center for international supply chains, global scientific innovation center for new materials, and a demonstration zone for intelligent manufacturing.