Ningbo's economy registered an overall stable performance with good momentum for growth in the first half of 2017, according to a report by Ningbo Bureau of Statistics.

The city's GDP reached 445.6 billion yuan ($ 65.95 billion) in the first half of the year, representing a 7.8 percent increase compared with 2016.

Within the period under review, industries in the city contributed a capital injection of 202.52 billion yuan to the economy, representing a year-on-year growth rate of 8.6 percent. Industries above a designated scale recorded a combined profit of 161.22 billion yuan, a 9.0 percent increase, according to the report.

Ningbo is stepping up its efforts at industrial transformation and upgrading. The growth spurred by the equipment manufacturing industry, the high and new industry and the strategic emerging industry all exceeded expectations

Personal per capita disposable income reached 26,378 yuan, an increase of 5.7 percent in real terms.

The economic performance in the first half of the year lays a good foundation for achieving the set target for the whole year. But it should be noted that the economy could face a downward turn, the report cautioned.