(Yicai Global) Nov. 5 -- Ningbo, the eastern Chinese port city known for textiles and electrical goods, intends to double its import volumes in the three years ending in 2020, it announced at the international trade fair in Shanghai.

Ningbo aims to boost its imports to 2.5 percent of China's total in 2020 from 2.1 percent in 2017, a spokesperson for the municipality's commerce department told Yicai Global. To achieve that goal, it has sent a buyers group of over 4,000 local companies to the China International Import Expo that is being held in Shanghai till Nov. 10.

Ningbo will also hold a "matchmaking" event for countries along the Belt and Road on Nov. 9 to sign several import deals. The value of those 23 projects is estimated at more than CNY1.1 billion (USD158.7 million).

The city has invited exhibitors at the CIIE to visit its home turf. A group consisting of about 60 people from the World Trade Centers Association went to Hangzhou Bay New Zone and Ningbo Bonded Area yesterday, and over 40 Lithuanian entrepreneurs will visit Ningbo to negotiate with local companies on Nov. 8.

Ports are Ningbo's biggest advantage but so far more sails out than comes in. The city's annual trade totaled USD100 billion from 2013 to 2017, with imports making up just 30 percent, according to the spokesperson.

Ningbo regularly holds three key trade events including the China-CEEC Investment and Trade Expo mainly for Central and Eastern European firms, Zhejiang Imported Goods Expo, and the perennial exhibition of import goods to improve its trade relations. The city plans to build the China-CEEC Investment and Trade Expo into the largest of its kind in the country, the spokesperson added.

Editor: Emmi Laine