The value of China's digital economy reached 45.5 trillion yuan (about $6.3 trillion) in 2021, accounting for 39.8 percent of the country's GDP, according to a report released by the Chinese Academy of Cyberspace Studies on Wednesday.

The digital economy has become an important cornerstone of China's stable economic development, said the China Internet Development Report 2022, which was released during the 2022 World Internet Conference (WIC) Wuzhen Summit. The summit is being held in the water-town of Wuzhen in east China's Zhejiang Province.

The summit also released another report titled "World Internet Development Report 2022." It says the added value of the digital economy in 47 countries around the world reached $38.1 trillion in 2021, with an increase of 15.6 percent year-on-year.

The digital economy has become an important engine driving global economic recovery, said the report.

Themed "Towards a Shared Digital Future in a Connected World -- Building a Community with a Shared Future in Cyberspace," this year's summit was attended by more than 2,100 guests from over 120 countries and regions, both in person and online. The reports have been released for six consecutive years since 2017 as an important part of the summit.