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Zhejiang's digital economy sees rapid growth

ezhejiang.gov.cn| Updated: July 15, 2022 L M S

The added value of Zhejiang province's digital economy accounted for 48.6 percent of its GDP in 2021, an increase of more than 10 percentage points compared with 2017, according to the Zhejiang Provincial Bureau of Statistics.

Meanwhile, the added value of the digital economy was 3.6 trillion yuan ($532.4 billion), the fourth highest in the country.

According to official statistics from Zhejiang authorities, between January and May the added value of the digital economy's core manufacturing industry was 139.65 billion yuan, a year-on-year increase of 13.7 percent, 8.2 percentage points higher than that of industries above designated size.

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Hangzhou International Conference Center in Hangzhou, capital of East China's Zhejiang province. [Photo/zjol.com.cn]

At present, the R&D of the digital economy's core industry accounts for 7.3 percent of the added value. The number of high-tech enterprises in the digital economy has exceeded 11,000.

In 2021, Zhejiang authorities commenced the province's digital reform and invested 149.55 billion yuan in digital economy industry projects.

According to the Digital China Development Report (2020), Zhejiang's industrial digitalization index was ranked first in the country.