GDP of Hangzhou's Binjiang likely to exceed $14b in 2018

Binjiang district of Hangzhou, known as the Hangzhou High-tech Industrial Development Zone (HHTZ), is likely to have recorded a gross domestic product last year of 135 billion yuan ($19.64 billion) - the second time the GDP would have broken this key threshold, according to a government report on Jan 2.

The district's general fiscal revenue reached 32.28 billion yuan, up 12.4 percent year on year, while the digital economy revenue is forecast to rise 17 percent to 280 billion yuan. A total of 8,606 newly registered companies have settled in the district.

Binjiang has maintained steady economic development for a decade, with an average annual growth rate above 10 percent. In 2018, Binjiang ranked third among the 157 State-level high-tech zones after Beijing's Zhongguancun Science Park and Shenzhen Hi-Tech Industrial Park.

It also has streamlined business procedures and issued a series of supporting measures for private as well as middle and small-sized enterprises amid efforts to foster a world-class business environment.

With innovation as the driving force for HHTZ growth, the district places a top priority on attracting talents. With a long-term and friendly cooperative relationship with higher educational institutions and scientific research institutes, the district introduced over 29,000 talents in 2018.

Meanwhile, a number of information technology enterprises have played a key role in driving Binjiang's economic transformation, including Alibaba, NetEase, New H3C Group and Hikvision.

In 2019, Binjiang will step up efforts to create a better business environment with a focus on introducing more talents and nurturing innovative companies. A joint effort is also required between government, enterprises and society to advance the private economy by improving technology and financial services.