HANGZHOU — China's digital economy grew to 39.2 trillion yuan (about $6.07 trillion) in 2020, accounting for 38.6 percent of the country's total GDP and up 9.7 percent year-on-year, according to a report.

The report on the development of the internet in China was released by the Chinese Academy of Cyberspace Studies at the World Internet Conference Wuzhen Summit, which opened on Sept 26 in Wuzhen, in East China's Zhejiang province.

In 2020, the volume of e-commerce transactions recorded in China reached 37.21 trillion yuan, up 4.5 percent from 2019, while the operating income of the e-commerce service sector reached 5.45 trillion yuan, an increase of 21.9 percent year-on-year, according to the report.

The digital economy has become a key option for countries around the world seeking to hedge against the impact of the COVID-19 pandemic and to speed up economic and social transformation, said a report on global internet development concurrently released on Sept 26, adding that new information infrastructure has gradually become a new driving force for global economic growth.