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GDP rises 10.3%
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Hangzhou’s gross domestic product reached 449.9 billion yuan (US$72.56 billion) in the first half of this year, up 10.3 percent from a year earlier. The economy resumed double-digit growth after three years, faster than the national average of 7.0 percent and the provincial average of 8.3 percent, city Mayor Zhang Hongming said last week.
Internet finance, a key sector in Hangzhou’s plan for economic restructuring, expanded 24.7 percent year-on-year in the first half to 102.1 billion yuan, or 22.7 percent of the city’s GDP.
Fixed asset investment increased 10.7 percent to 231 billion yuan; retail sales rose 7 percent to 213.6 billion yuan; online retail sales jumped 52.2 percent to 112.2 billion yuan; exports expanded 3.4 percent to US$23.4 billion.
The city government spent 35.5 billion yuan in the first half on public projects, up 6.8 percent from the same period a year ago.
Hangzhou aims to bring its whole-year GDP to 1 trillion yuan through accelerated industrial restructuring and the construction of financial management and Internet finance centers.
The mayor said the city government is working on a series of development policies for the next five years, including a blueprint for the Qiantang River Financial Bay.
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