Ningbo has been attracting industries to settle down and strengthen the eastern Chinese city's technological prowess. With a strong cultural heritage, professional government staff and a sound business environment, Ningbo is becoming an ideal hub for high-tech startups.
With help from the local government, especially in the areas of finance and training, companies are generating economic benefits. Ningbo Cuiying Chemical Technology, for example, earned tens of thousands yuan per year when it started in Ningbo Industrial park, but is now capable of earning tens of millions of yuan annually.
Industrial parks have been injecting momentum by shoring up the city's manufacturing and technological advantages. By offering results-oriented incentives, it has attracted investment from cutting-edge science and technology companies.
There are also different kinds of industrial parks to serve the needs of companies at different stages of their development – from incubators of smaller companies to accelerators supporting those that have achieved a certain scale, all the way to industrial parks for more mature companies... a complete ecosystem has been formed in Ningbo to help innovative companies achieve their ambitions.
The internet of things (IoT) company Laxcen Technology has over 120 patents. They've reached the accelerator stage at Ouford Industrial Park. Now they're selling smart identification and radio-frequency identification (RFID) tags in over 50 countries.
Ningbo is not only a breeding ground for innovation, but it's a city that encourages the application and commercialization of innovation. Since innovation by itself can only do so much to spur development, pairing it up with a sizeable market will unleash its true potential.
In the five years between 2016 to 2020, Ningbo's GDP grew by 45 percent. Industrial parks such as Ouford have been key contributors to the city's aspirations in science, technology and innovation. Innovation is increasingly driving development, with industrial value-added increasing in lockstep with Ningbo's GDP, which grew over 40 percent between 2016 to 2020.
Ningbo is focusing policy and investment support to 19 major industries that are all geared to power the economy. From a traditional manufacturing hub, the city is elevating itself to compete seriously for a top spot in the race of innovation.
(Cover: One corner of Ningbo's industrial park. /CFP)