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GDP rises 8.7%
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Hangzhou posted gross domestic product of 199.8 billion yuan (US$32.75 billion) in the first quarter of this year, up 8.7 percent from the same period last year. The city’s GDP increase was faster than the national average of 7.5 percent and the provincial average of 8.2 percent, the Hangzhou Statistics Bureau said.
The online finance sector grew the most in the first quarter with a year-on-year increase of 110.6 percent, followed by e-commerce at 48.7 percent, and Internet of things at 30.5 percent. The overall IT industry expanded 28.2 percent to 44.2 billion yuan in the first three months.
The bureau attributed the surge in GDP partly to China’s booming stock market. The added value of financial firms in Hangzhou rose 19 percent year on year to 22.25 billion yuan in the first quarter.
The city also registered 10,782 new companies, up 24.9 percent from a year earlier, with about 10,340 being privately owned.
The disposable income of permanent residents rose 9 percent to 14,274 yuan per capita, and the income of rural residents jumped 9.9 percent to 8,381 yuan on average.
The city added 56,000 jobs and helped 28,000 urban residents seek re-employment. There were 40,295 registered unemployed residents, which dropped 10.8 percent from last year.
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