Qiantang district in Hangzhou has seen impressive performance in its digital economy in the first two months of this year, with the total output value of digital economy manufacturing reaching 8.50 billion yuan ($1.17 billion), a 12.11-percent year-on-year increase.

Among them, 22 enterprises including Li-on, Cosin Solar, and Seed surged more than 70 percent year-on-year. Meanwhile, the core service sector of the digital economy saw a revenue of 2.76 billion yuan, up by 36.72 percent year-on-year.

"Thanks to the rapid growth in demand for foldable smartphones, our company's output exceeded 12 million yuan in January and February this year, a 598-percent year-on-year increase," said a representative from Seed, which is engaged in the research and production of foldable ultra-thin flexible glass.

Besides foldable smartphones, flexible foldable screen glass is widely used in smart wearable devices, tablet computers, and smart vehicles. Seed has cooperated with panel companies such as Csot, Visionox, and Boe, as well as smartphone and computer manufacturers including Lenovo, Xiaomi, Oppo, and Huawei. "We currently have orders for 2.6 million units, and the output value for the first half of the year is expected to reach 77.5 million yuan."

Turning to the digital economy core service sector in Qiantang, its performance is equally impressive. Take Hangzhou Xiaoniu Cloud Information Technology Co for example, which achieved a revenue of 26 million yuan in the first three months of this year, a 128-percent year-on-year increase.