(Yicai Global) Sept. 19 -- Information technology helps transform traditional industry by increasing inventory and driving development of emerging industries, and has become a new engine for economic development in China's eastern province of Zhejiang.
The province's digital economy was worth CNY1.16 trillion (USD178.5 billion) last year, equal to 8.4 percent of the region's gross domestic product for the year, state-owned news agency Xinhua reported, citing information learned at the opening ceremony of Zhejiang Network Safety Publicity Week, held on Sept. 18. The sector has created CNY391 billion (USD60 billion) in added value, making up 15.9 percent of added value in regional GDP.
Industrial robots used in Zhejiang make up about 11 percent of the total number in China. In recent years, the province has cut almost two million low-end labor jobs while productivity by 30 percent.
The provincial government hopes that by 2020, the digital economy in the region will pull in CNY3 trillion (USD461.5 billion) a year.