Hangzhou, also Hangchow, is the capital and most populous city of Zhejiang, People's Republic of China. It sits at the head of Hangzhou Bay, which separates Shanghai and Ningbo. Hangzhou grew to prominence as the southern terminus of the Grand Canal and has been one of China's most renowned and prosperous cities for much of the last millennium. Its West Lake, a UNESCO World Heritage site immediately west of the city, is among its best-known attractions. A study conducted by PwC and China Development Research Foundation ranked Hangzhou first among "Chinese Cities of Opportunity".
Hangzhou's economy has rapidly developed since its opening up in 1992. It is an industrial city with many diverse sectors such as light industry, agriculture, and textiles. It is considered an important manufacturing base and logistics hub for coastal China. In recent years, Hangzhou has seen substantial development in its financial sector. Hangzhou ranks 11th in the world and 6th in China in terms of the number of billionaires according to the Hurun Global Rich List 2020.
The GDP of Hangzhou is over RMB 1.3509 trillion, which ranks second among all of the provincial capitals of China. The city has developed many new industries, including medicine, information technology, heavy equipment, automotive components, household electrical appliances, electronics, telecommunication, fine chemicals, chemical fibre and food processing. As the headquarters of Internet industry enterprises such as Alibaba, Hangzhou has also strongly attracted people who work in the Internet industry. A study conducted by PwC and China Development Research Foundation saw Hangzhou ranked first among "Chinese Cities of Opportunity".
Hangzhou Economic and Technological Development Zone was established and approved as a national development zone by the State Council in 1993. It covers an area of 104.7 km². Encouraged industries include electronic information, biological medicine, machinery and household appliances manufacturing, and food processing.
Hangzhou Export Processing Zone has a total planned area of 2.92 km². It is located close to Hangzhou Xiaoshan International Airport and Hangzhou Port.
Hangzhou Hi-Tech Industrial Development Zone is a state-level high-tech Industrial Development Zone. The HHTZ is composed of three parts, with the main regions being the Zhijiang Sci-Tech Industrial Park and Xiasha Sci-Tech Industrial Park. HHTZ has become one of the most influential high-tech innovation and high-tech industry bases in Zhejiang Province. HHTZ hosts more than 1,100 software developers and BPO enterprises. Major companies such as Motorola, Nokia and Siemens have established R&D centres in the zone. The GDP of the zone is over RMB 41.63 billion. This accounted for 5.9 percent of Hangzhou's total GDP. The HHTZ positions itself as the "Silicon Valley" of China. The Alibaba Group, the world's largest online business-to-business portal and China's largest website in terms of market value, is headquartered in the zone.
Hangzhou is rated Beta by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Beta level cities are cities that link moderate economic regions to the world economy.
Hangzhou is the #109 city in the world according to the Global Financial Centres Index (GFCI) which evaluates and ranks the competitiveness of the major financial centres of the world according to a wide range of criteria – Human Capital, Business, Finance, Infrastructure and Reputation.
Hangzhou is ranked #64 by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. Hangzhou is rated C by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. C cities are international gateway cities. Hangzhou was ranked #1102 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Hangzhou has a population of over 3,560,391 people. Hangzhou also forms part of the wider Hangzhou metropolitan area which has a population of over 21,102,000 people.