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City GDP up 8.7%
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Hangzhou’s GDP rose 8.7 percent year on year to 199.8 billion yuan (US$32.75 billion) in the first quarter, of this year, according to the Hangzhou Statistics Bureau.
The online finance sector posted the highest increase at 110.6 percent, followed by a 48.7 percent rise for e-commerce, 36 percent for digital content and 30.5 percent for the Internet of Things. The IT industry posted a 22.2 percent rise to 44.2 billion yuan.
The GDP rise is also partly thanks to the booming stock market. In Hangzhou, the added value of the financial sector reached 22.25 billion yuan — up 19 percent on the same period last year.
In the first quarter, Hangzhou registered 10,782 new enterprises, rising 29.6 percent from a year ago. Among them, 10,347 are private enterprises — a jump of 30 percent.
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