Ningbo University of Finance and Economics is a private school. According to official website of Ningbo University of Finance and Economics, it is known that Ningbo University of Finance and Economics is a full-time private undergraduate college approved by the Ministry of Education, located in Ningbo City, Zhejiang Province. Ningbo Institute of Finance and Economics is a private school, but the investor of Ningbo Institute of Finance and Economics was originally Ningbo Cigarette Factory. In the early years, there were not enough colleges and universities in Ningbo and the government funds were limited, so the cigarette factory funded the school. The assets of Ningbo Institute of Finance and Economics belong to Ningbo Urban Construction Investment Group Co., Ltd. and belong to Ningbo Municipal Government. Strictly speaking, Ningbo Institute of Finance and Economics is actually a state-owned private school, similar to a state-owned enterprise. Ningbo, referred to as Ningbo for short, is an important port city in the southeast coast of China, the second largest city in Zhejiang, the economic center in the south wing of the Yangtze River Delta and a national historical and cultural city.