In early January, Ningbo was approved as an integrated pilot zone for nationally rated cross-border e-commerce. In the same month, Ningbo saw growths in both approved foreign-funded projects and paid-in investment. Beyond that, the port city is planning to found Meishan New Zone in a bid to build a maritime portal targeting economies along the Pacific Ring, according to Zhejiang's version of the 13th Five-year Plan.
How much foreign capital we have attracted determines how much the output will be in the future. That is why embracing foreign capital is leading a new round of opening-up in the city. In 2015, Ningbo posted 9% and 5.2% growths in contractual investments and paid-in investments respectively. Phase One Project and Expansion Project were brought in by Ningbo outlet of Shanghai Volkswagon Corporation. By the end of 2015, 49 Fortune 500 companies had put in place 110 projects in Ningbo with a total investment hitting 10.72 billion dollars. In January 2016, 32 foreign-funded projects were approved, up 3%, and paid-in investments stood at 410 million dollars, a rise of 5% year on year. The greatest contributor behind the strong momentum was the service sector.
Overseas investments have been going in full steam, helping the private sector in Ningbo expand international presence at a faster pace. Prior to the Chinese New Year, Ningbo Junsheng Electronics Co., Ltd, acquired two automobile part producers in the US and Germany with a combined value of 1.1 billion US dollars. The company hopes to seize the momentum by venturing into the global vehicle security market, navigation system, Internet of Vehicles and data processing. The private businesses in Ningbo stay committed to the Belt & Road initiative by engaging more closely with countries along the route. In 2015, the city registered a turnover of 910 dollars or a 29.9% year-on-year increase in outsourcing projects with 21 countries along the route. As of the end of 2015, overseas investments exceeded a million US dollars.
Ningbo is going increasingly global when it comes to services. Last year, the outsourcing industry kept strong and growing, reaching 18.622 billion yuan. Offshore outsourcing in particular topped 1 billion dollars for the first time at 1.279 billion US dollars, up 40.6%. This represents 44.6% of all outsourcing services in Ningbo, a 5 percentage point hike compared with the same period of the previous year. The service sector of Ningbo has reached 143 countries and regions, with 23 of them surpassing 100 million dollars in value.
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In early January, Ningbo was approved as an integrated pilot zone for nationally rated cross-border e-commerce. In the same month, Ningbo saw growths in both approved foreign-funded projects and paid-in investment. Beyond that, the port city is planning to found Meishan New Zone in a bid to build a maritime portal targeting economies along the Pacific Ring, according to Zhejiang's version of the 13th Five-year Plan.
