Zhejiang’s Digital Economy Continues Steady Growth
Hangzhou, China – Zhejiangprovince’s digital economy continues to demonstrate robust growth, with its digital economy coreindustries achieving significant milestones in the first eight months of 2023. According to the Zhejiang Provincial Department of Economy and Information Technology, the province’s digital economyadded value reached 4.33 trillion yuan in 2023, accounting for 52.5% of its GDP. This strong performance isfurther solidified by the impressive 2.4 trillion yuan in revenue generated by Zhejiang’s above-scale digital economy core industries during the first eight months of the year, representing a 5.5% year-on-year increase. Thissustained growth underscores the province’s commitment to fostering a thriving digital ecosystem and solidifying its position as a leader in the digital economy.
Core Manufacturing Sector Shows Strength
The digital economy core manufacturing sector in Zhejiang is experiencing a period ofrobust growth. During the first eight months of 2023, the sector achieved a remarkable 7.3% year-on-year increase in added value, reaching 2508.9 billion yuan. This growth contributed significantly to the overall industrial expansion, boosting the growth of above-scale industries by 1.3 percentage points. Notably, Zhejiang’s digital economy core manufacturing sector ranks third nationwide in terms of revenue, trailing only Guangdong and Jiangsu provinces.
Core Services Sector Maintains Steady Growth
The digital economy core services sector in Zhejiang also demonstrated resilience and growth during the first eight months of 2023, achieving a 8.4% year-on-year increase in revenue, reaching 10510 billion yuan. The software and information services sector, despite facing challenges, continued to perform well, generating 9158 billion yuan in revenue, representing a 7.1% year-on-yearincrease.
Clustered Development Drives Growth
Industrial clusters play a crucial role in driving the growth of the digital economy in Zhejiang. During the first eight months of 2023, the province’s intelligent interconnectedness, integrated circuit, and high-end software industrial clusters achieved impressive revenue figures of 8099.6 billion yuan, 1372.6 billion yuan, and 8116.2 billion yuan respectively, representing year-on-year growth rates of 10.8%, 13.3%, and 7.9%. These growth rates surpassed the average growthrate of Zhejiang’s 415X advanced manufacturing industry clusters.
Innovation Fuels Digital Growth
The digital economy, characterized by its high innovation, strong penetration, and wide coverage, serves as a vital engine for developing new forms of productivity. Zhejiang’s above-scale digital economy core manufacturing sectordemonstrates this commitment to innovation, with research and development (R&D) expenses accounting for 5.2% of its revenue during the first eight months of 2023. This figure surpasses the R&D expense ratio for above-scale industries by 2.1 percentage points. Furthermore, Zhejiang’sR&D expenses represent nearly 30% of the province’s total R&D expenses, setting a new historical high. This dedication to innovation has resulted in accelerated product development, with significant increases in production for products such as storage chips, virtual reality devices, and service robots, registering year-on-year growthrates of 88.5%, 66.3%, and 112.3% respectively.
Digital Transformation Empowers Traditional Industries
The digital economy’s transformative power extends beyond its own rapid growth, permeating and restructuring the entire economic system, empowering other industries. The digital economy’s influence is evident in the ongoing transformation of Zhejiang’s manufacturing sector. By leveraging digital technologies, Zhejiang is optimizing its production processes, leading to a significant upgrade in manufacturing capabilities.
Looking Ahead
Zhejiang’s commitment to fostering a thriving digital economy is evident in its strategic initiatives. The province plans tofurther strengthen its digital industry clusters, deepen industrial digital transformation, accelerate the implementation of data infrastructure, and promote the high-quality development of platform economies. These efforts aim to ensure the continued steady growth of the digital economy, further solidifying Zhejiang’s position as a leader in the digital economy and demonstrating its commitment to contributing to the nation’s economic development.
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