Jianggan district maintains digital economy growth in H1

Qianjiang New Town in Jianggan district, Hangzhou. [Photo/zjol.com.cn]

Jianggan district of Hangzhou, capital of Zhejiang province, saw a brisk growth momentum in the first half of 2018 in its digital economy, reaching 3.92 billion yuan ($570 million), ranking it first amongst districts in the city.

The data indicates that the booming digital economy, accounting for 12.2 percent of the Jianggan's GDP, has been serving as a major driver for the region's economic growth, with a year-on-year increase of 4.9 percent.

As a core industrial area where Qianjiang New Town is located, Jianggan's digital economy has developed in leaps and bounds over the past four years.

"With the rapid spread of urbanization, it is an urgent task to develop a modern economy, in which the digital economy has the most important role to play," said an official from Jianggan district.

In 2014, a 20-million-yuan ($2.9 million) investment fund was launched to develop the local digital economy by introducing intelligent manufacturing companies to the district.

An example of such a company is Otis Electric Elevator Co Ltd, a world-leading US-based manufacturer of elevators and escalators, who has upgraded its manufacturing techniques by applying "Internet Plus", a national strategy that integrates the internet and industry while encouraging entrepreneurship and innovation.

Unlike some other districts in the city, such as Xihu district, which has a cloud computing industrial park, and Binjiang district, which has an internet of things town, Jianggan sets its eyes on big data, e-commerce and financial technology.

Qiantang Smart City, a cluster of financial and service industries, is home to a myriad of local startups which functions as a driver of the digital economy and enabler of regional industrial development.

In addition, the district is also home to an annual startup and innovation competition, amid efforts to attract more innovative companies and projects.

To date, a total of 29 innovative projects in the fields of the internet, e-commerce and artificial intelligence have been stationed in the district.