February 25, 2024

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China Bolsters Zhejiang’s Software Industry

Zhejiang Province’s software sector has emerged as a leader in both revenue and profitability within China. The province, situated on the country’s east coast, has not only established a distinct presence in the software industry but has also claimed the top spot nationally in terms of financial performance.

According to the 2023 Zhejiang Software Industry Development Report by the Provincial Department of Economy and Information Technology, the sector’s revenue soared to an impressive 915.29 billion yuan (S$128.06 billion) in 2022, securing the fifth position in the country’s industrial landscape.

What sets Zhejiang apart is not just the sheer magnitude of its software industry but the extraordinary profit margins it boasts. The report reveals a profit margin of 24.5%, outshining the national average by a substantial 12.3%. This remarkable feat propels Zhejiang to the forefront of profitability in the country’s software sector, reflecting a business environment ripe for innovation and growth.

Zhejiang’s commitment to technological advancement extends beyond the financial metrics, evident in the strategic development of 96 industrial brains tailored for various industries. Additionally, the province has nurtured 430 provincial-level industrial internet platforms, fostering connectivity and collaboration. The ambitious cultivation of 52 future factories signifies a forward-looking approach, positioning Zhejiang as a hub for cutting-edge industrial developments.

The province’s dedication to digital transformation is not confined to urban centres alone; it extends its benevolent embrace to rural landscapes. Zhejiang’s digital agriculture and rural development, standing at an impressive 68.3% in 2022, have consistently secured the first-place ranking in the nation for four consecutive years. This underscores the province’s commitment to inclusivity, ensuring that the benefits of the digital era permeate every corner, urban or rural.

The success story of Zhejiang’s software industry is mirrored in the staggering numbers of flourishing enterprises. In 2022, over 500 software companies in the province boasted a scale of over 100 million yuan.

Among them, 74 companies achieved a scale exceeding one billion yuan, while an impressive 14 companies soared past the ten-billion-yuan mark. These figures not only highlight the diversity and vibrancy of Zhejiang’s software ecosystem but also exemplify the entrepreneurial spirit thriving in the province.

Moving into 2023, the software and information services industry in Zhejiang achieved an added value of 404.14 billion yuan (S$80.83 billion) in the first three quarters, marking a substantial year-on-year increase of 11.5%. This growth, reflected in official statistics, catalysed a 6.2% increase in the added value of the core industries driving the digital economy.

Zhejiang’s ascendancy in the digital field serves as a beacon, not just for other provinces within China but on a global scale. It’s a testament to the province’s foresight, strategic planning, and unwavering commitment to embracing the digital age.

The ongoing commitment to pioneering innovative solutions and spearheading technological breakthroughs not only solidifies its position as a digital powerhouse but also positions it as a global leader in the ever-evolving digital landscape.

Zhejiang’s success story serves as a blueprint for regions worldwide seeking to navigate the complexities of the digital era, emphasising the importance of strategic foresight, adaptability, and a proactive approach to harnessing the potential of technology.

As the province continues to set benchmarks in digital transformation, its influence extends far beyond national borders, inspiring a collective global endeavour toward a future defined by technological innovation and resilience.


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