Zhejiang set to unlock gains from digital economy

Zhejiang, an eastern coastal province in China, is banking on the digital economy, powered by Alibaba and a host of small-and medium-sized enterprises, to reach 4 trillion yuan ($588.23 billion) by 2022 and account for more than 55 percent of its gross domestic product, officials said.

During the past three years, significant strides have been made in digitalization, thanks to the growth of the digital economy.

The province's digital economy surged 15.1 percent year-on-year during the first quarter. Its digital economy totaled 2.33 trillion yuan last year, accounting for 41.5 percent of the local economy.