Ningbo became the most attractive investment destination in China this year thanks to its improved business environment and promising future, according to the latest ranking published by The Global Times on Wednesday.

In the first 11 months of 2015, Ningbo approved 393 foreign-funded projects involving a total of US$10.69 billion, 7.8 percent more than the same period of last year.

The manufacturing sector became popular again with overseas investors who are attracted by the "Made in China 2025" initiative promoted by the Chinese government.

Foreign investment in manufacturing exceeded US$2.21 billion, a year-on-year increase of 40.6 percent. Of the total, US$871 million went to companies that manufacture transportation equipment, 12.2 times the amount for the same period of last year.

Ningbo's investment structure further optimized. Investment from Germany and Britain reached US$801 million and US$60.46 million respectively in the first 11 months. New investors also came from Cayman Islands and Samoa.

Many Fortune 500 companies continue to invest in Ningbo. Chevrolet, the US car maker, signed an agreement with Ningbo Economic and Technological Development Zone to produce fuel and lubricant additives. First-phase investment is US$160 million and its factory can produce 100,000 tons of additives a year.

By the end of September, Ningbo had registered 15,398 foreign-owned companies with combined investment of US$40 billion.