The industrial economy of East China's Zhejiang province witnessed a V-shaped rebound in the first half of 2020, according to the Economy and Information Technology Department of Zhejiang.

The added value 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 0.3 percent, official statistics revealed.

The digital economy, referred to as Zhejiang's No 1 project, held the lead in the first six months. The added value of above-designated-size manufacturing enterprises in core digital economy industries saw a year-on-year increase of 9.5 percent, while revenue from the software and information industry grew 11.7 percent year-on-year.

From January to June, the number of new industrial projects in Zhejiang increased by 29 percent over the previous year, while investment in technological transformation and upgrading grew by 6.3 percent.

To alleviate the impact of COVID-19, the Zhejiang government has introduced a slew of policies to stabilize the economy and enterprises.

Over the past six months, the burden on companies has been reduced due to a decrease in raw material prices and supporting policies from the government.

In the first six months of the year, more than 265.2 billion yuan in expenses were saved by Zhejiang companies, according to data from the Economy and Information Technology Department of Zhejiang.