Ningbo in East China's Zhejiang province has been ranked 15th nationwide in China in terms of innovation capability, according to a recent report.

The report, compiled by the Ministry of Science and Technology, evaluated 72 major cities in the nation.

Shenzhen topped the list, followed by Guangzhou, Hangzhou, Nanjing, Wuhan, Xi’an, Suzhou, Changsha, Chengdu and Qingdao.

Ningbo was ranked 15th, an improvement of four positions from the previous year.

The ratio of fixed asset investment to regional GDP in 38 cities including Ningbo was lower than the national average, indicating that these cities have embarked on the innovation-driven development path instead of relying on investment, the report said.

In 2019, R&D spending in Ningbo amounted to 33.5 billion yuan ($5.15 billion), up 21 percent year-on-year, 7 percentage points higher than the provincial average.

R&D expenditure accounted for nearly 2.8 percent of the city's GDP, 0.23 percentage points higher than the previous year.

Ningbo has emerged as a magnet for talent. From 2018 to October this year, the city had introduced 21 industrial technology research institutes, accumulating 117 research teams comprising of 1,677 R&D staff.

The 21 newly established organs to date have yielded 264 innovative achievements, generating social and economic benefits of more than 1.67 billion yuan.

By 2022, the city plans to cultivate two key laboratories at or above the provincial and ministerial level, introduce six new high-level industrial technology research institutes and introduce a group of top talents including academicians at home and abroad.

Its R&D spending by that time is expected to surpass 9 billion yuan.