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The added value of industrial enterprises above designated size involved in 17 traditional manufacturing industries in Jiaxing, Zhejiang reached 67.81 billion yuan ($10.11 billion) from January to May, a year-on-year increase of 5.94 billion yuan and ranking 2nd in the province, according to the Jiaxing Municipal Bureau of the Economy and Information Technology.

The traditional manufacturing industry currently accounts for more than 60 percent of the city's industrial enterprises above designated size, promoting the stability of the city's industrial economy.

To stabilize the economy and boost the vitality of market players affected by the COVID-19 pandemic, the city has implemented value-added tax refund policies.

For example, Hana Microelectronics Co Ltd, a manufacturing enterprise engaged in the development, production and sale of chip components and hybrid integration circuits, received a total of more than 2.4 million yuan in tax refunds. The funds will be used to invest in product research and development and enhance the company's product competitiveness, said Li Qin, a financial worker at the company.

With help from traditional manufacturing, Jiaxing's industrial economy saw stable growth. In May, the year-on-year growth rate of the added value of the city's industrial enterprises above designated size increased by 9.7 percentage points compared with April, official data showed.