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The development of Zhejiang's science and technological innovation sector in the first quarter of 2022 went about smoothly, according to official statistics.

In the first three months, the added value of the high-tech industry in Zhejiang province reached 335.3 billion yuan ($49.44 billion), an increase of 11.7 percent year-on-year. Investments in high-tech industries increased by 17.7 percent year-on-year, 3.3 percentage points higher than investments in fixed assets.

 During the period, Zhejiang allocated 1.27 billion yuan in fiscal funds to scientific and technological innovation.

"We are also helping reduce the innovation cost of enterprises and actively guiding them to increase R&D investment," said an official with Provincial Department of Science and Technology.

 For example, Zhejiang has reduced and exempted 36 million yuan worth of rent for 1,611 science and technology startups. A total of 23.076 billion yuan in low-interest loans were also issued to 2,889 science and technology companies.

Moreover, from January to February, 4,420 high-tech enterprises in the province saved 2.7 billion yuan in R&D expenses. Authorities also reduced and exempted 2.4 billion yuan worth of income tax for 3,039 companies.