Since the beginning of this year, Ningbo Municipality has been carrying out the Three-Year Action Plan for Economic Upgrading, making its economy better adapted to the New Normal and aiming to promote innovative upgrading and development. As a result, Ningbo's economy has taken on a sound economy, with the industrial development taking on a stable momentum in general, investment and export growth declining gradually, consumption growth stable, progress made in restructuring, steady improvement in quality and efficiency and continuous improvement in livelihood.
Roughly, the city's GDP during the first year half stood at 364.5 billion yuan, a rise of 8.5% over the same period last year when calculated as against the comparable prices, which is 1.5 percentage points and 0.2 percentage points higher than the national and provincial average respectively. Specifically, the primary industry had a growth of 12.88 billion yuan, up 1.7%; the secondary industry 181.1 billion, up 5.7%; the industrial added value 159.43 billion, up 5.3%; the tertiary industry 170.5 billion, up 12.2%. The ratio of three industries is 3.5:49.7:46.8.
1. Agricultural production basically stable
In the first half year, the city realized a total output value of 20.19 billion yuan in agriculture, forestry, animal husbandry and fishery, up 1.7% from a year earlier. The spring grains increased in planting area, yield and total output by 1.7%, 6.0% and 1.7% respectively. For summer grains, the planting area dropped by 385,000 Chinese mu (1 Chinese mu=0.067 hectares), down 6.0%. Plain afforestation totaled 20,250 Chinese mu, including 5800 mu of rare trees. The citys pork and poultry production stood at 66,500 tons and 12,600 tons, down by 11.8% and 11.8% respectively. The output of aquatic products totaled 407,000 tons, an increase of 4.4%.
2. Industrial growth slows down
During the first half year, the industrial enterprises above certain scale of Ningbo realized a total added value of 121.13 billion yuan, up 5% from a year earlier, with the growth similar to the provincial average, 2.8% down as against the first quarter. The sales output value stood at 627.04 billion yuan, an increase of 0.3%, the export value 136.2 billion yuan, down 5.2% Among the top 10 growths, automobile manufacturing, chemical raw materials and chemical products manufacturing, tobacco products are growing rapidly, by 52%, 11.4% and 8.8% respectively. Electricity, heat production and supply industry, textile and clothing industry, computers, communications and other electronic equipment manufacturing industry dropped by 6.4%, 4.6% and 2.8% respectively.
Equipment manufacturing industry and high-tech industry have increased in added value by 11.1% and 5.6% respectively, accounting for 46.4% and 36.9% of the total industrial output of enterprises above certain scale respectively. If seen from economic type, the added value of state-owned enterprises rose by 7.5%, that of collective-ownership enterprises by 3.8% and that of joint-stock enterprise growth by 4.4%. Foreign-invested enterprises went up by 1.2%. The large and medium-sized enterprises realized the added value of 72.68 billion yuan, up 2%, small businesses realized the added value 47.45 billion yuan, an increase of 10.5%.
Business efficiency improved rapidly. The total industrial profit of enterprises above certain scale of Ningbo in the first half was 36.46 billion yuan, up by 25% from a year earlier (dropped by 0.8% in the previous year). The cost of main business was 83 yuan, down 2.3 yuan from a year earlier. The profit rate of the main business was 6.1%, up by 1.2% year-on-year.
3. The tertiary industry: steadier, sturdier
In the first half, the tertiary industry have increased in added value by 12.2% compared with the previous year and its growth rate was 3.7% higher than the GDP growth rate, accounting for 63.2% of the total output of Ningbo. The added value of real estate industry, for-profit services, financial services and wholesale and retail industry increased by 24.9%, 22.3%, 14.6% and 9.6% respectively, which helped the tertiary industry increase in added value by 10.2%. The output of commercial houses soared. The total sales area of commercial houses in the first half year was 4.118 million square meters, an increase of 83.9%, 20% up as against the first quarter. Among them, the sales area of 90-144 square meters of commercial areas was 2.102 million square meters, accounting for 62.1% of the residential houses, up by 93.4% year-on-year. For-profit services maintained rapid growth. The total profit of enterprises above certain scale of Ningbo from January to May increased by 42%, 9.6% higher than the provincial average, and ranked the first in Zhejiang province. Financial services had an improvement. In the end of June, the balance of foreign currency deposits and loans of financial institutions was 1.5 trillion yuan, among which the balance of deposits was 1.51 trillion yuan and the balance of loans was 1.54 trillion yuan, an increase of 3.7% and 8.7% respectively from a year earlier. The stock market was active in the first half year, with the turnover of 4.75 trillion yuan, an increase of 315.6% and up by 288.6% from a year earlier. Merchandise market was steadier and sturdier. The amount of sales of trading market was 619.49 billion yuan in the first year, an increase of 10.8%, 2.3% down as against the first quarter. Ningbo port's cargo throughput was 258 million tons, dropped by 2.4%; the container throughput was 10,166,000 TEUs, an increase of 9.3%, 3.6% and 4.6% down as against the first quarter respectively.
4. Investment growth has declined
In the first half, the investment in fixed assets was 232.39 billion yuan, an increase of 13.8%, dropped by 7.7% as against the first quarter. If seen from the main constitution of investment, investment in infra
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Since the beginning of this year, Ningbo Municipality has been carrying out the Three-Year Action Plan for Economic Upgrading, making its economy better adapted to the New Normal and aiming to promote innovative upgrading and development. As a result, Ningbo's economy has taken on a sound economy, with the industrial development taking on a stable momentum in general, investment and export growth declining gradually, consumption growth stable, progress made in restructuring, steady improvement in quality and efficiency and continuous improvement in livelihood. 
