Things get busy at the port in Ningbo at night. [Photo/cnnb.com.cn]

In 2024, private enterprise in Ningbo city generated imports and exports worth 1.09 trillion yuan ($149.95 billion), making it the third city in China, after Shenzhen and Shanghai, to top the trillion-yuan milestone.

Ningbo's journey to becoming a "trillion-yuan foreign trade city" started in 2021 when it first achieved this feat.

By contributing over 70 percent to the city's foreign trade, private enterprises are said to have been the driving force behind Ningbo's impressive growth.

On Jan 17, China-Base Ningbo Group Co Ltd celebrated its 40th anniversary. Chairman Zhou Jule highlighted the company's evolution from State-owned to a dynamic private enterprise, reflecting the broader development of Ningbo's foreign trade.

In 2024, the company generated total revenue of 141.6 billion yuan, with imports and exports worth of $5.77 billion, maintaining its position as Ningbo's top foreign trade enterprise.

The progress of China-Base Ningbo Group illustrates the broader trajectory of private enterprises in Ningbo.

Since China joined the WTO in 2001, Ningbo has leveraged its openness as a key advantage. In 2024, the number of Ningbo's private enterprises engaged in foreign trade hit 26,745, with 1,690 exceeding 1 billion yuan in the annual value of their foreign trade.

The growth in Ningbo's private foreign trade is viewed as demonstrating its resilience, particularly underscored by the significant contributions of its private sector to the city's overall economic development.