Authorities in East China's Zhejiang province recently released the 2022 Zhejiang Artificial Intelligence Industry Development Report which highlights the development achievements of Zhejiang's artificial intelligence industry over the past year.

According to the report, the total operating income of Zhejiang's artificial intelligence enterprises reached 388.74 billion yuan ($56.32 billion), up 30.96 percent year-on-year, in 2021. The total profit was 44.63 billion yuan, while R&D investment hit 24.44 billion yuan, accounting for 8.2 percent of the operating income.

There were 1,156 artificial intelligence enterprises in Zhejiang in 2021, an increase of 60.33 percent year on year.

In addition, Zhejiang artificial intelligence enterprises had authorized 23,538 invention patents by the end of 2021.

Hangzhou presently has 420 artificial intelligence core enterprises - the most out of all cities within Zhejiang – which account for 36 percent of the provincial total. The combined revenue and R&D expenses of these enterprises make up 52.4 percent and 70.5 percent of the provincial total respectively.