Ningbo has announced its economic growth report for the first half of 2017, with technology and innovation leading other sectors as the engine of growth, according to reports by local media.

In high and new industry, the added value and output of new products recorded were 64.923 billion yuan ($ 9.61 billion) and 155.89 billion yuan ($23.01 billion) respectively, representing an increase of 11.04 percent and 18.82 percent compared with 2016.

Strong growth in the high-tech sector has spurred investment enthusiasm from society at large. To date, up to 377 institutions have angel investments, with capital over 11.9 billion yuan ($1.76 billion).

In line with the "Made in China 2025" initiative, a strategy to accelerate the transformation of manufacturing in China, Ningbo was selected as the first pilot city and demonstration area for the transformation of scientific and technological achievements (TSTA) in 2016.

"We will continue to put technological innovation at a core position in economic development, step up efforts in the high-tech sector and accelerate industrial upgrading." said an official from the Science and Technology Bureau of Ningbo.