Ningbo promotes cooperation with Shenzhen

A total of 33 investment projects worth 89.74 billion yuan ($13.24 billion) were included as part of a promotion conference between Ningbo, Zhejiang province, and Shenzhen, Guangdong province, on June 28, marking the end of the Ningbo-Shenzhen Week.

Among the projects, ten fell in the advanced manufacturing industries such as information technology and high-end equipment production while the other 23 were about modern services including modern finance and tourism.

Cultural tourism was a highlight among the signed projects, especially a cultural town which will be built in Ningbo Hangzhou Bay New Zone. Shenzhen's Huaqiang Group is going to invest 20 billion yuan in the construction of the town, running businesses in accommodation, catering, entertainment, and shopping based on the town in Ningbo.

Cooperation agreements on projects in intelligent manufacturing were reached between the two cities. For example, the integrated circuit design and chip industry in Ningbo's Zhenhai district received 150 million yuan from Shenzhen Reeinno Storage Inc. Zhang Jun, chairman of Reeinno, said the company aims to build China's top industrial base in the sector for intelligent storage and create a radiating effect on the whole Yangtze River Delta.

Ningbo's active role in building the Belt and Road Initiative attracted investments in this field as well. CCCC (China Communication Construction Company) Urban Investment Holdings Company, based in Shenzhen, will invest five billion yuan in building a characteristic town featuring Silk Road development in Ningbo, and three billion yuan to set up a property insurance company serving the initiative.

"We will strive to develop the two projects in Ningbo to be important platforms for exchanges and cooperation among countries and regions involved in the Belt and Road Initiative," said Ding Renjun, general manager of CCCC Urban Investment Holdings Company.

The Ningbo-Shenzhen Week has taken place every year since 2014. Shenzhen leads the country in innovative development while Ningbo is focusing on new energies to drive the city's development these years. Experts at the conference said taking Shenzhen as a role model and learning from its experience is necessary for Ningbo. Many Ningbo companies have established offices in Shenzhen to get close to its advantages and expand markets with Shenzhen's power.