Hangzhou

Hangzhou, the capital of Zhejiang province in China, is a significant urban center with a population of 11,936,010 in 2024. Located in northeastern Zhejiang, this energetic city commands the head of Hangzhou Bay and is well situated between Shanghai and Ningbo. Rich history, economic strength, and natural beauty of the city have made it a major metropolitan hub in modern China.

Hangzhou’s business scene is really very remarkable. The Hangzhou metropolitan region was projected to generate a gross metropolitan product of 4trillion yuan, or around US$590 billion as of 2022. This economic performance exceeds that of Sweden, therefore underlining the city’s significant national and worldwide economic impact. At a GDP of around 1.8 trillion RMB (US$280 billion), Hangzhou ranks ninth among cities in mainland China. Its status as a center for big worldwide IT enterprises, including the headquarters of industry behemoths like Alibaba Group, Ant Group, and NetEase, reflects this economic power.

The economic prosperity of the city has drawn a flood of professionals and businesspeople, especially those in the information technology industry. Hangzhou’s standing as a top IT center in China may be attributed in part to this concentration of ability and creativity. The fact that so many Fortune Global 500 corporations call the city home further supports its economic relevance. Ranked fourth in China, Hangzhou ranks tenth among all cities globally in Fortune Global 500 headquarters as of August 2023; Beijing, Shanghai, and Shenzhen trail only here.

The great concentration of billionaires in Hangzhou reflects its wealth as well. Surpassed only by major financial hubs such Beijing, Shanghai, Hong Kong, Shenzhen, and Guangzhou, the 2020 Hurun Global Rich List puts the city sixth in China in terms of resident billionaires and eleventh internationally overall. This wealth concentration emphasizes Hangzhou’s importance in the scene of Chinese economy.

Since its 1992 opening, the city has seen fast and varied economic growth. Establishing itself as a major industrial city with a diversified economic basis ranging from light manufacturing to textiles, Hangzhou has For coastal China, its strategic position has also made it an essential industrial base and logistical center. From RMB 156.8 billion in 2001 to RMB 1.3509 trillion in 2018, the GDP of the city has undergone amazing rise—more than doubling. With GDP per capita growing from US$3,020 to US$21,184 during the same time, this economic growth has clearly improved living conditions.

The great emphasis on education and scientific research Hangzhou places on complements its economic success. With regard to scientific production, the city ranks 16th worldwide, a reflection of its dedication to academic quality and creativity. Among other prominent universities there are Zhejiang University, Zhejiang University of Technology, Hangzhou Normal University, and Westlake University. These organizations greatly add to the intellectual capital and research capacity of the city, therefore supporting its technical and economic developments.

Hangzhou has managed to retain its rich cultural legacy and natural beauty even as its contemporary skyline, lined with many skyscrapers, shows its economic prosperity. West Lake, a UNESCO World Heritage Site reflecting the balance between human and environment so fundamental to Chinese civilization, is among the most famous sites. Comprising 3,323 hectares, the West Lake Cultural Landscape includes some of Hangzhou’s most famous historic and picturesque sites. This region has historic pagodas, cultural attractions, and the lake’s natural splendor featuring Phoenix Mountain among the surrounding hills.

Hangzhou’s economy depends heavily on tourism; the city’s mix of modernism and legacy draws guests from all around. Launched in 2013, the ‘Modern Marco Polo‘ campaign by the Hangzhou Tourism Commission is a singular effort to boost global travel. Using Facebook, this creative online campaign aimed at selecting Hangzhou’s first international tourist ambassador. Reflecting Hangzhou’s dedication to global involvement and tourist development, the effective end of this campaign in 2014 saw Liam Bates become the first foreigner ever recruited by China’s government in such an official role.

Infrastructure development in Hangzhou has matched economic expansion. Major transportation hub Hangzhou Xiaoshan International Airport serves the city and has direct links to several countries all across Asia, Europe, and North America. In terms of passenger traffic, the airport also often ranks among the top 10 airports in China and provides a large domestic route network within the nation. Furthermore improving Hangzhou’s global city status and enabling its economic and cultural interactions with the rest of the globe is its strong aviation connection.

The city’s staging of major international events has helped to underline its relevance on the world scene. Hangzhou held the 11th G20 conference in 2016, drawing leaders from the main economies of the globe. More recently, Hangzhou became the third Chinese city to hold the Asian Games after Beijing in 1990 and Guangzhou in 2010. It also hosted the Asian Para Games, therefore highlighting once again its capacity to plan and run major international athletic events.