Industry insiders and academicians have a discussion at the first global summit for the semiconductor industry in Ningbo Hangzhou Bay New Zone on March 27. [Photo/zj.zjol.com]

"We will strengthen the development of digital economy to achieve 10 million yuan ($1.49 million) in output by 2022, and build our zone into the most influential digital industrial hub in East China by forming a sound digital industrial chain," said Yu Lei, a senior official of Ningbo Hangzhou Bay New Zone. 

Yu made the remarks at the zone's first global summit for the semiconductor industry on March 27, during which dozens of industry insiders and academicians shared their insights into the development trends of the global semiconductor industry and the development path of the global digital economy.

According to Yu, the zone will introduce at least 30 research institutions and 100 manufacturers in the semiconductor industry in the next three to five years. 

As an important part of Zhejiang province's effort to promote digital economic growth, the zone has been committed to developing key digital industries such as integrated circuits, artificial intelligence and cloud computing in recent years, with a government fund of more than 10 billion yuan established to support such efforts.

The zone has also devoted 80 billion yuan to building a digital economy industrial park, in which 15 companies have already settled.

The second phase of the park, which will see the construction of production plants and research centers, began this year.

The digital economy industrial park in Ningbo Hangzhou Bay New Zone [Photo/zj.zjol.com]