The inauguration ceremony of the first wholly foreign-owned (Bulgarian) enterprise in the Yangtze River Delta - Ningbo Baojiahua Biomaterials Co. Ltd., took place at the China-CEEC Industrial Cooperation Park in Yuyao, Ningbo in Zhejiang province on August 31^st, 2023. Mr. Desislav Despodov is the manager of the company that will manufacture compostable and biodegradable shopping bags, sacks, etc. The use of similar products made of nylon will be forbidden in China after 2025.

Present at the ceremony were Chinese officials, including the Deputy Directors of Ningbo Qianwan New Area Administrative Committee - Mr. Han Baishun and Mr. Xia Kangben, as well as professors and students at Ningbo University, School of Materials Science and Chemical Engineering, and Bulgarian and Chinese businessmen.

In his address the Consul General Vladislav Spasov praised the entrepreneurial spirit of Bulgarian businessmen and expressed his confidence that the efficient operations of Ningbo Baojiahua Biomaterials Co. Ltd. will prove in reality the words of Chinese Premier Li Qiang that “China is open for business”.

At a meeting with the Mayor of Yuyao city Mr. Wo Yongte later that day, the Consul General underlined that the Chinese businessmen from Zhejiang province are most active in Bulgaria and the GDP of Zhejiang is one of the highest in China. He expressed his willingness to continue working with local Chinese authorities in Ningbo for further development of Bulgaria-China economic and trade relations.