Ningbo's economy shows steady improvement Jan-Feb

Ningbo exhibited stable economic growth in the first two months of this year, buoyed by a myriad of positive policy measures.

The city's industrial output demonstrated accelerated expansion, with the total industrial value added by above-designated-size companies reaching 76.95 billion yuan ($10.65 billion), marking a 10.8 percent year-on-year increase. The growth rate surpassed that of the same period last year by 8.3 percentage points and exceeded the entire last year by 4.2 percentage points, according to the Ningbo Municipal Bureau of Statistics.

Additionally, fixed-asset investment in Ningbo saw a 7.3 percent year-on-year increase from January to February. 

Consumer spending also showed signs of recovery, with the city's total retail sales of consumer goods hitting 81.31 billion yuan during the two-month period, a uptick of 8.8 percent year-on-year. Notably, retail sales of wearable smart devices and furniture grew by 33.1 percent and 11.1 percent, respectively, while automobile retail sales surged by 48.8 percent, with new energy vehicle sales soaring by 186.6 percent.

Ningbo's import and export activities experienced rapid growth as well. The city's total import and export volume amounted to 217.83 billion yuan during the period, ranking fifth among cities nationwide and representing a 16.3 percent year-on-year increase. Specifically, exports amounted to 140.77 billion yuan, up by 17.4 percent, while imports reached 77.06 billion yuan, marking a 14.4 percent increase.