On November 7, China Plastic Institute and Ningbo Plastic Institute were founded in Yuyao. Jiang Taiwei, Head of Zhejiang Provincial Department of Science and Technology, Zheng Yu, Director of Ningbo Bureau of Science and Technology, and other government officials were present at the opening ceremony. Foundation of the institute is an important step for the development of China Plastic City and it indicates that the capacity of the plastic industry of Yuyao will be highly raised.

Plastic industry is one of the key industries of Ningbo and one that has strong regional advantageous features. Yuyao is the largest production base of plastic products in China, known as "Kingdom of Plastics", and "Capital of Moulds". In June this year, Yuyao Government and China Weapons Industry Group decided to found Plastic Institute of Yuyao Plastic City, and Ningbo Plastic Institute. The institutes In line with the market demand of the plastic industry, the institute aims to promote the development of the plastic industry of Yuyao, and tries to become a strong research institute and a platform of technological innovation and services in Ningbo and Zhejiang.