According to the report, Ningbo witnessed a notable improvement in its economy during the 13th Five-Year-Plan (2016-2020) period.

Its GDP registered an average year-on-year growth of 6.4 percent over the period, while its per capita GDP had reached the World Bank's standard for high-income economies.

The city's ranking for industrial added value had moved up three slots to 9th among cities nationwide.

The report also set prime development goals for Ningbo during the 14th Five-Year-Plan (2021-2025) period. The city aims to lift its GDP to 1.7 trillion yuan and increase the urbanization rate to 80 percent by 2025.

The city's economic output for this year is forecasted to rise by 7 percent.