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GDP increases 7.7%
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HANGZHOU’S gross domestic product expanded 7.7 percent in the first half of this year, a sign the economy is stabilizing.
The economic output amounted to 393.8 billion yuan (US$64 billion) in the first six months, up 7.7 percent on an annual basis. The balance of loans reached 2.04 trillion yuan, up 8.3 percent in the first half, while the balance of deposits also increased 9.9 percent to 2.37 trillion yuan.
Hangzhou is the sixth city in China in which both the balance of loans and deposits surpassed 2 trillion yuan benchmark.
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