ASX-Dividend-Report-Banner

From Ningbo to the world: China's port city evolving into global opening-up hub

March 28, 2024 02:19 PM AEDT | By Cision
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp
 From Ningbo to the world: China's port city evolving into global opening-up hub
Image source: Kalkine Media

NINGBO, China, March 28, 2024 /PRNewswire/ -- For many people, the city of Ningbo may not sound as well-known as metropolis such as Beijing and Shanghai in China, but it may be closer to the daily life: the Chinese-made hardware tools, rice cookers and even new energy vehicles people bought are very likely to travel across the ocean from this Chinese city in east China's Zhejiang Province.

The high probability of this trade link comes from Ningbo's unique port status, according to Information Office of Municipal Government of Ningbo. 

In the Ningbo-Zhoushan Port which faces the East China Sea, ships with a maximum carrying weight of 300,000 tonnes can come and go freely, and super ships with a maximum carrying weight above 400,000 tonnes can enter and exit with the tide. It is a rare outstanding deep-water port in the world.

Last year, the throughput of the port reached 1.324 billion tonnes, ranking first in the world for 15 consecutive years, and its container throughput ranked third worldwide. It's also home to the largest iron ore terminal in China, the largest crude oil terminal in Asia and the second largest single container terminal on earth.

Ningbo has been an important trading center since ancient times. As early as the Tang Dynasty, Ningbo was one of the starting points of the Maritime Silk Road. In modern times, Ningbo was one of the five treaty ports open to foreign trade. After 1978, Ningbo was among the country's first coastal cities to embrace the country's reform and opening-up campaign.

Today, Ningbo is connected with more than 60 Chinese cities through sea-rail intermodal transport, and has access to more than 600 ports in over 200 countries and regions with the help of 300-plus container routes. It has become an important port and shipping logistics center, strategic resource allocation hub and modern shipping service base in the world.

In late 2023, Ningbo was approved to extend the opening up to all its eight port areas, adding new momentum to the Ningbo-Zhoushan Port's sprint to be a world-class top port.

Unique port resources endow Ningbo with prowess to connect with the rest of the world, but the city's opening-up and enterprising moves not only target improving the throughput capacity of the world's largest port, but also seeking wider connectivity, deeper-level exchanges and higher-level opening-up.

Now Ningbo is building a world-class air-rail integration hub and a new engine of international open development by further optimizing the transport planning of its western region.

It is estimated that in 2050, the passenger transport capacity of Ningbo's west transport hub will reach about 220 million passengers per year, and the air cargo volume will reach 3 million tonnes annually, which will help Ningbo become a modern coastal metropolis.

Among the international destinations accessible to Ningbo, the Central and Eastern European countries (CEEC) along the Belt and Road Initiative are the bright spots for deepening global economic cooperation and trade exchanges.

Ningbo started to hold exhibitions to promote trade with the CEEC in 2014, and established the first and only demonstration zone for economic cooperation and trade exchanges between China and CEEC in 2017. In 2019, the China-CEEC Expo was upgraded to a national-level international event.

Thanks to a good business environment, a strong digital economy foundation and a unique port logistics hub system, Ningbo's cross-border e-commerce has seen fast growth, with an increasingly wider and denser digital trade network.

Ningbo has maintained the first place in the country's cross-border e-commerce retail imports during China's largest online shopping festival "Double 11" for seven consecutive years. The city's online purchase bonded business in cross-border e-commerce accounts for nearly a quarter of the Chinese market, and its overseas warehouse area accounts for 1/6 of the country's total. In March last year, the first fifth-freedom freight air route in Zhejiang was opened in Ningbo, lending strong steam to the growth of the city's cross-border e-commerce business.

In September 2020, the Ningbo Area of Zhejiang Free Trade Pilot Zone was officially listed, opening a new chapter of institutional opening in the city.

For example, aiming at the circulation security and data security of international trade of bulk commodities, Ningbo launched the digital service platform "TradeGo" to ensure the uniqueness and authenticity of digital documents through blockchain technology. The platform has become one of the only 10 recognized platforms for electronic bill of lading in the world.

The open environment and enterprising culture have not only shaped Ningbo's extensive foreign trade network, but also sharpened the innovation edge of a strong manufacturing city in a global market with open competition.

Ningbo has 104 national single-product champion enterprises in the manufacturing industry, the largest number among Chinese cities and far exceeding Shenzhen, which ranks second. Many of their products bring first-class Chinese manufacturing to global consumers via the Ningbo-Zhoushan Port.

Looking ahead, Ningbo aims to build an international opening-up hub city.

According to Ningbo's plan, by 2026, the Ningbo-Zhoushan Port's cargo throughput is expected to maintain the top spot in the world, and the number of enterprises with an annual trade value of over 10 million U.S. dollars and foreign investment projects with a total investment of more than 100 million U.S. dollars, among others, will double compared with 2021.

From a port city to an international hub for trade, Ningbo is set to make its mark on the global map. 


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.

Recent Articles

Investing Tips

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.