Ningbo Bonded Area (hereinafter referred to as NBA) was established in November 1992 upon the approval of the State Council. Divided into three sections, namely East Section, West Section and South Section, it covers an area of 2.3 square kilometers. Ningbo Export Processing Zone (hereinafter referred to as NEPZ) was set up in June 2002, with a planned area of 3 square kilometers. The first phase of its development finished an area of 2 square kilometers and operation started in October 2003. In August 2004, Ningbo was approved to be the pilot spot of Zone-Port Interaction. Ningbo Bonded Logistics Park (hereinafter referred to as NBLP) was established accordingly with a planned area of 0.95 square kilometers. On August 30, 2005, it passed the official inspection by the national united inspection team.

NBA and NEPZ share common aspects in functions and policies, but with their special advantages at the same time. Both of the zones enjoy the policy of ˇ°free license, free duty and bonded dutyˇ± and are under special supervision of the Customs. They are one of the most open economic regions with most preferential policies in China. NBA has three major functions: import and export processing, international trade and warehousing logistics. NEPZ performs the function of export processing. With its major function as logistics, NBLP enjoys the policy of ˇ°free license, free duty and bonded dutyˇ± and the policy of tax rebates upon entry of domestic goods into the logistics area.

Under the practice of unified administration, with the complementary advantages of function and policy, and interactive industry development, NBA and NEPZ of Zhejiang Province are one of the regions with the best investment environment and most completed functions in mainland China. The Administrative Committees of the two zones merged to handle official affairs on behalf of Ningbo Municipal Government. NBLP is also under the administration of NBA Administrative Committee.

To date, over 5,000 enterprises have been established in NBA (NEPZ) by investors from nearly 40 countries and regions, with a total registered capital over US$4 billion, among which 855 enterprises are foreign-funded with a total contractual investment of US$2.9 billion. 171 hi-tech projects have been introduced into NBA (NEPZ), with investment amounting to US$2.43 billion. At present, the complex industrial estates including computer, semiconductor and photovoltaic, precision machinery, and software, and enterprise cluster including returned students innovation center, international trade and warehousing logistics, have been formed. In May 2005, NBA (NEPZ) was approved by the Ministry of Information and Industry to set up the National (Ningbo) Integrated Circuits Industry Park. NBA (NEPZ) has become a highland of hi-tech industry development in east China and an important logistics distributing center of import and export.