Transition of Ningbo Foreign Trade Sped up to Maintain Turnover

Leaders of 16 Central and East European countries gained an intuitive sense of Chinese comprehensive level of high-tech equipment during a recent visit by high-speed train from Suzhou to Shanghai. Driven by "Going Out" Strategy, export of rail equipment in Ningbo is surging, which has been valued at 250 million yuan in the first ten months of 2015, with a year-on-year growth of 41.5%, according to Ningbo Customs data.

Export upturn in equipment manufacture industry represented by railway is a microcosm of structural transformation of Ningbo foreign trade. According to Ningbo Business Council, exports in October grew 0.8% to 6.081 USD billion, which achieved a first monthly positive growth since February. By October the export volume has reached 58.66 billion USD with a 3.5% decline which reduced by 0.5% compared with the first three quarters. Despite the downward pressure, so long as we seize the opportunity to accelerate transformation, imports and exports in 2015 will again exceed one hundred billion dollars. said the head of Ningbo Business Council.

To survive the freeze hiting foreign trade in 2015, departments including Ningbo Business Council have introduced a combination blow to speed up the transformation and upgrading. Taking policy advantage of the first pilot cities, new business formats are fostered: cross-border E-Business are leapfrogging ahead with monthly exports of over a hundred million dollars; online import business boomed on Singles Day (Nov. 11) with more than 4 million orders. An increasing number of Ningbo enterprises allocate resources overseas to expand markets both at home and abroad. The industrial base with an investment of 100 million by Shenzhou Group will commence the first phase project in Vietnam in late November. It will eventually account for 40% of the fabric-weaving capacity of Shenzhou Group and export products to the neighbor counterpart base in Cambodia, thus to cement its partnership with international brands like Uniqlo, Nike and Adidas.

Trade facilitation is promoted as well. Ningbo Business Council jointly with Ningbo Customs has carried forward the trials of paperless processing trade so that companies can handle data declaration and related formalities in one shot through public service platform. And processing for export tax rebates is expedited, resulting in 51.34 billion yuan with a growth of 14.8% by October. Prospects for future development remaining upbeat, foreign trade industry continues to thrive. 3184 foreign trade enterprises are said to have registered in the first ten months of the year.

LINK:	http://en.nbwh.gov.cn/art/2015/12/11/art_1325_77275.html...
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