The 2018 Zhejiang Digital Trade Fair & the 9th China Zhejiang International Business Service Fair kicks off in Hangzhou, Zhejiang province on Oct 20. [Photo/zjol.com.cn]

The development of the digital economy in East China's Zhejiang province was once again under the spotlight at the 2018 Zhejiang Digital Trade Fair & the 9th China Zhejiang International Business Service Fair, which were held in Hangzhou from Oct 20 to 22.

Centering on the development of the digital economy and sharing best practices in Zhejiang province, the three-day event attracted over 40,000 visitors and 1,000 e-commerce giants from home and abroad, including tech heavyweights such as Google, eBay, Amazon, Alibaba, Facebook and Microsoft.

Exhibitors from Russia, India and Malaysia also set up pavilions with displays showcasing the latest developments in the digital economies of the respective countries.

Over the years, while the digital economy of countries involved in the Belt and Road Initiative has been booming, a series of preferential policies have been introduced for Zhejiang-based digital companies, said an exhibitor from Malaysia, adding that he hopes that Zhejiang enterprises can be the driving force for the development of the local economy.

"As e-commerce giants such as Alibaba and Ant Financial expand digital businesses in countries in Southeast Asia, including Indonesia, Malaysia and Thailand, Zhejiang province is bringing the benefits brought about by its developed digital economy to neighboring countries", said an official from the Zhejiang Province E-commerce Promotion Association.

Along with the product exhibitions, an array of forums and matchmaking activities were also held during the fairs to explore the new opportunities of digital trade in Zhejiang.

In 2017, Zhejiang maintained a sound momentum in the development of digital trade, being amongst the top provinces in China in terms of cross-border commerce with retail exports reaching 43.81 billion yuan ($6.31 billion), a year-on-year increase of 37.2 percent.

The booth of Ping Pong, a digital media agency aiming to help British and international businesses and people understand Chinese social media platforms is exhibited at the 2018 Zhejiang Digital Trade Fair & the 9th China Zhejiang International Business Service Fair in Hangzhou, Zhejiang province on Oct 20. [Photo/zjol.com.cn]