Ningbo rolls out new measures to attract foreign investment

Ningbo in East China's Zhejiang province has recently unveiled a comprehensive set of policy measures aimed at attracting more foreign investment to the city.

These measures, totaling 26 in number, include stronger support, more openness, and optimized service mechanisms for foreign investors.

In terms of support, the local government will increase the amount of rewards and subsidies for foreign investment projects in areas such as advanced manufacturing, high-tech services, and R&D centers. It will also enhance guarantees for land, energy, and industrial funds.

In terms of openness, the city has committed to fully implementing the negative list for foreign investment access. It will open up further in sectors such as the internet, education, culture, and healthcare. Additionally, the city encourages foreign investment in urban infrastructure construction and aims to enhance the openness of the port and shipping service industry.

The measures also prioritize the optimization of services. The aim is to create a first-class business environment by addressing concerns related to cross-border investment and financing, entry and exit, and the protection of legitimate rights and interests.

From January to September, Ningbo approved 356 new foreign investment projects, a year-on-year increase of 19.5 percent. The contracted foreign investment reached $6.52 billion, a year-on-year uptick of 49.1 percent. The actual utilization of foreign investment reached $4.18 billion, a year-on-year increase of 14.8 percent, which was 29 percentage points higher than the national average and 7.3 percentage points higher than the provincial average.

To date, Ningbo has attracted a total of $75.57 billion in foreign investment, accounting for approximately 20 percent of the total amount in Zhejiang. Currently, there are 6,463 operating foreign-funded enterprises in the city, comprising approximately 23 percent of the total in the province. Despite constituting less than 2 percent of the total number of enterprises in the city, foreign-funded enterprises account for nearly one-third of total imports and exports, one-fourth of GDP, one-fifth of fiscal revenue, and one-sixth of urban employment.