Zhejiang province, a pivotal hub for innovation and entrepreneurship in East China, saw an increase of 234,000 companies and 501,000 individual enterprises in the first half of 2019, official statistics revealed.

The robust growth of market players is expected to inject more vitality into Zhejiang's economic development.

"Zhejiang people's enthusiasm about innovation and entrepreneurship is a driving force for the local stable and progressive economy," remarked an official from the province's development and reform commission.

The surging innovation and entrepreneurship in Zhejiang is closely connected to strong government and corporate support for scientific and technological innovation, officials said.

From January to June, the public budget expenditure on science and technology grew 27.5 percent year-on-year. The research and development expenditure of industrial enterprises above designated size -- defined as state-owned and non-state-owned industrial companies with annual revenue of over 20 million yuan ($2.9 million) – saw a year-on-year increase of 21.6 percent during the same period.

Based on its advancement of innovation and entrepreneurship, Zhejiang's economy has taken on a new look with both emerging and traditional industries prospering.

Officials said that in the first half of the current year, the value added growth rate in advanced and strategically important industries was higher than that of enterprises above a designated size, and the value added in traditional industries such as textiles grew over 6 percent over the same period last year.

"The spirit of innovation and entrepreneurship is deeply rooted in Zhejiang's development," said the official, pledging that the province would continue to support and encourage entrepreneurial spirit and endeavor to create a hot spot for scientific and technological innovation.