![A view on Ningbo joining the one-trillion-yuan GDP club [CGTN]](https://i0.wp.com/usachinatrading.com/wp-content/uploads/2021/06/A-view-on-Ningbo-joining-the-one-trillion-yuan-GDP-club-CGTN.jpg?resize=525%2C295&ssl=1)
East China’s coastal city of Ningbo is one of the country’s key gates to converge in global economic activities. Despite turbulent external factors over the past decade – China-U.S. trade war, COVID-19 pandemic, financial crisis, the trade-dependent city has maintained the ascending trajectory of its economic growth. How did Ningbo make it?
In 2018, the city joined the “one-trillion-yuan GDP club” in China, which consists of cities with annual gross domestic products (GDP) exceeding 1 trillion yuan ($156.3 billion). Ningbo’s GDP expanded to 1240.87 billion last year, ranking 12th among 300 Chinese cities.
Ningbo ranked 8th among Chinese cities in terms of per capita disposable income in 2020. It is also a popular destination for companies, thanks to its openness and friendly business environment. The city is home to global headquarters, regional business headquarters or registered offices of over 100 listed companies, 98 of them are domestically listed, as of May 1, 2021. The number made Ningbo jump to the 7th rank among Chinese cities.
Meanwhile, Ningbo has 21 billionaires ranking 25th among global cities, according to Hurun Global Rich list 2021.
