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Digital economy has become a powerful engine of economic development in Jiaxing, East China's Zhejiang province, according to a working conference held by local authorities on July 29.

The ratio of the value-added output of the digital manufacturing industry to that of industries above designated size in Jiaxing increased 1.2 percentage points since last year to 17.4 percent in the first half of this year (H1).

The value-added output of digital manufacturing companies above designated size in the city rose 15.7 percent to 15.66 billion yuan ($2.23 billion) during the same period, ranking third in Zhejiang.

The intelligent terminal industry generated 13.5 billion yuan in H1, a year-on-year increase of 60 percent. The output value of 38 photovoltaic manufacturing companies totaled 16.6 billion yuan, while that of 22 integrated circuit companies totaled 4 billion yuan.

Digital economy growth in Jiaxing from January to June was driven primarily by leading companies.

The top 10 digital economy companies were estimated to contribute 13 percentage points to the increase rate of output value of the digital manufacturing industry in H1.

Jiaxing is home to 126 digital manufacturing projects worth more than 100 million yuan ($14.27 million), which will see a total investment of 16.16 billion yuan this year.

Jiaxing also leads the province in the construction of 5G base stations.

As of the end of June, the city has built 4,047 5G base stations, roughly 80 percent of which have been put into service. Downtown Jiaxing, central areas of counties in the city, and other important areas have 5G coverage.