A workshop in Ningbo, East China's Zhejiang province. [Photo/WeChat account: nbfb0574]

Ningbo in East China's Zhejiang province recently unveiled a five-year action plan for the development of the city's digital economy.

According to the plan released by the Ningbo Municipal Bureau of Economy and Information Technology on Dec 7, Ningbo aims to lift both the added value of the digital economy and the operating revenue of the core industries of the digital economy to more than 1 trillion yuan ($142.86 billion) by 2026.

By then, the added value of the digital economy's core segments will account for more than 15 percent of the city's GDP.

According to the plan, the local government will strengthen innovation in fields including integrated circuits, artificial intelligence, smart manufacturing, new energies and new materials to achieve the goals.

Twenty-two percent of global GDP is strongly associated with the digital economy – a key factor in reshaping the global economic structure and changing the global competition pattern, experts said.

Located in the southern end of Zhejiang, Ningbo is a national hub for advanced manufacturing. The plan is part of its efforts by local authorities to implement the updated plan for Zhejiang's digital economy development at a provincial government meeting held in July.