High-tech industry

The rapid development of high-tech industry in Zhejiang province has been a significant strength in driving industrial economic growth.

From January to August, among the industrial enterprises with an annual industrial output value above 20 million yuan, the added value of the high-tech industries was 114.4 billion yuan ($17.24 billion), a year-on-year increase of 14.5 percent.

With an expenditure on scientific activity of the first seven months of 2017 of 14.5 billion yuan, new products are growing. The output value of new products in the first eight months of the year was 249 billion yuan, with an increase of 20.7 percent.

Strong domestic and foreign demand has driven sales growth. In the first eight months of 2017, the sales value of the high-tech industry was 426.1 billion yuan, a growth of 15.6 percent. The domestic sales value was 320.9 billion yuan, an increase of 17.9 percent.

High-tech manufacturing enterprises also yielded strong profits. From January to June, the total profit for high-tech manufacturing enterprises was 33.8 billion yuan, increased by 9.6 percent. The revenue profit margin for main businesses was 9.4 percent, 3.1 percent higher than that of industrial enterprises with an annual industrial output value above 20 million yuan.