Latest data reflects Zhejiang's industrial strength
A buyer selects fabric at Zhejiang ESSE Textile Technology Co Ltd in Shaoxing, Zhejiang province, on Nov 25, 2020. [Photo by Xiao Da/China Daily]
The Zhejiang Provincial Department of Economy and Information Technology recently released a series of data related to the province's industrial economy in 2020, the concluding year in the 13th Five-Year Plan period (2016-2020).
The province's industrial value added is expected to hit nearly 2.3 trillion yuan ($355.13 billion) in 2020, which means that its annual growth rate during the 13th Five-Year Plan period would be 6.6 percent.
In particular, the value added for core industries of digital economy is expected to be 680 billion yuan, bringing its annual growth rate during the five-year period to 15.1 percent.
More than 200 industrial clusters exceeded 10 billion yuan in annual revenue in 2020, of which 14 surpassed 100 billion yuan and three surpassed one trillion yuan.
The technological innovation ability of Zhejiang-based companies has been ranked third among all provincial-level regions in China for four consecutive years. The ratio of R&D expenses to operating revenue for the province's enterprises above designated size is expected to be 2.5 percent in 2020.
Zhejiang's industrial digitization index was ranked first among all Chinese provinces in 2020. Around 111,000 industrial robots are currently in service in the province.
Zhejiang currently boasts three manufactures listed in the Fortune Global 500, 96 private companies listed in China's Top 500 Private Enterprises, and 114 world-leading companies in a particular industry segment.