MK sports 2025, in Ningbo, East China's Zhejiang Province, Ubtech humanoid robots undergo multi-scenario, multi-task training at Zeekr's 5G-wired electric car factory, showcasing advanced industrial automation. Photo: VCG" src="https://www.globaltimes.cn/Portals/0/attachment/2025/2025-03-27/c98047d0-0e44-4f16-a3cd-c85c525c83ee.jpg" />

On March 1, 2025, in Ningbo, East China's Zhejiang Province, Ubtech humanoid robots undergo multi-scenario, multi-task training at Zeekr's 5G-wired electric car factory, showcasing advanced industrial automation. Photo: VCG

Zhejiang Province, an economic powerhouse in East China, achieved year-on-year growth of 12.8 percent in investment in technological transformation in the first two months of this year, 10.7 percentage points faster than the growth of fixed-asset investment, becoming a representative of the country's industrial transformation and upgrading, while also providing a good start for manufacturing and economic development.

Zhejiang's industrial investment grew by 8.9 percent year-on-year and investment in manufacturing by 8.5 percent, according to statistics released by the Economy and Information Technology Department of Zhejiang on Sunday.

The progress was achieved amid the country's new round of large-scale equipment upgrades and consumer goods trade-in programs.

A representative of the provincial economy and information technology department said that the two programs will promote the digital and intelligent transformation of manufacturing, thus fostering new momentum for industrial growth.

In January and February, the province completed investments in technological transformation and equipment upgrades worth 26.28 billion yuan ($3.61 billion), up 13.8 percent year-on-year.

So far this year, 5,641 projects have been proposed for the first batch of Zhejiang's technological transformation and equipment upgrading investment projects, with a planned total investment of 819.44 billion yuan, including 185.37 billion yuan scheduled for 2025. 

Zhejiang was among the provinces that have announced plans to support industrial transformation and equipment upgrades. 

Southwest China's Sichuan Province announced 500 major industrial and technological upgrade projects on March 31, with a total investment of 1.7 trillion yuan, of which 329.16 billion yuan will be completed in 2025, according to the Department of Economy and Information Technology of Sichuan.

Northwest China's Ningxia Hui Autonomous Region aimed to achieve 8 percent growth in industrial investment and more than 10 percent growth in technological transformation investment in 2025, the region said at a press conference in mid-January.

The region will promote the large-scale application of digital, intelligent and green technologies in traditional industries such as metallurgy and non-ferrous metals, with a target of updating 6,000 pieces of equipment annually.

China has committed to implementing a new phase of large-scale equipment upgrades and consumer goods trade-in programs, aiming to stimulate domestic demand and sustain steady economic expansion in 2025.

An action plan released by the State Council in early March said the country aims to increase its investment in equipment for industry, agriculture, construction, transportation, education, culture, tourism and medical care by at least 25 percent by 2027, compared with 2023, according to the Xinhua News Agency.

As a major manufacturing country promoting new industrialization, China's demand for advanced equipment and equipment upgrades continues to grow, said the National Development and Reform Commission (NDRC), the country's top economic planner, per the Xinhua report.

Initial estimates show that equipment upgrades could create an enormous market with an annual scale of more than 5 trillion yuan, said the NDRC.

"With the improvement of living standards, there is a growing demand for high-quality products and services that are personalized, customized and service-oriented, placing higher requirements on enterprises to respond quickly to customer needs and enable customized production," Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Sunday.

By transforming and upgrading traditional industries to enhance supply, businesses can better adapt to the new changes in consumption upgrading, thereby fostering new products, technologies and business models, and creating new drivers of economic growth, said Wang.