The Global Ningbo Community and Development Partnership Conference kicked off on Tuesday in Ningbo, Zhejiang province, with 26 investment deals signed totaling 35 billion yuan ($5 billion).

The Ningbo Community, also known as Ningbobang, refers to a group of business people who were born in Ningbo but live outside the city, usually achieving success by starting their own businesses.

Deals that were signed primarily covered investments in sectors such as high-end equipment, new materials, biomedicine, digital economy, smart manufacturing, artificial intelligence and modern services.

In addition, tech giant Alibaba and CityDo, a Hangzhou-based provider of smart city development solutions, also reached strategic cooperation agreements with the government of Ningbo’s Haishu district.

The conference, now in its third year, is expected to add new momentum into the city’s high-quality development.

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