Industrial Park to Facilitate Growth

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A jointly invested 40-square-kilometer industrial park in Ning- bo， Zhejiang Province illustrates the underlying foundation of an emerging partnership between China and Italy.

According to Italian and Ningbo municipal officials， the 502 million euro （US$679m） investment in 10 cooperative projects is in the best interests of both sides.

Italian companies and their Chinese partners inked their deals on June 11 to develop a number of high-tech industries in the area， including renewable energy， waste treatment， medical and healthcare， machinery and finance. Italian investment， technology and managerial expertise is needed to accelerate the pace of business in Ningbo and allow local enterprises to move up the value chain， according to Mayor Lu Ziyue.

Ningbo， like many other Chinese cities， is undergoing a painful， yet inevitable， process of upgrading and overhauling its industries. Rising labor costs and land prices have further squeezed the already paperthin profits out of traditional manufacturing sectors. Ningbo has initiated a three-year plan to grant about 2 billion yuan （US$321m） in subsidies to automation projects in an attempt to boost efficiency.

Meanwhile， the city is faced with mounting pressure to curb energy consumption and industrial pollution. In 2013 the city shut down a number of high energy-consuming plants， including stainless steel， paper making and electroplating.

What appeals to Italian companies is Ningbo’s emerging middle class， skilled workforce and well-established infrastructure which benefits from access to China’s second largest port. The city thus serves as a major point of access to the rapidly growing China market.

Giancarlo Innocenzi Botti， head of Invialia which promotes business development on behalf of the Italian government， said as parts of Europe struggle to create jobs， Italy has stepped up its efforts outside the eurozone， especially in China， to fuel domestic economic growth.

China is Italy’s third-largest trading partner after Germany and France. Sino-Italian trade totaled 33 billion euros in 2013， with about 9.9 billion euros’ worth coming from Italy and 23.1 billion from China， according to data from the Beijing-headquartered China-Italy Chamber of Commerce.

The new park was unveiled right after Chinese Premier Li Keqiang and visiting Italian Prime Minister Matteo Renzi issued a three-year plan pledging cooperation in the areas of trade， industry and investment， finance， business， tourism and technological innovation.