Hangzhou's GDP surpasses 1.5 trillion yuan in Q3

Hangzhou's GDP reached 1.52 trillion yuan ($213.6 billion) in the first three quarters of 2024, marking a 4.5-percent year-on-year growth.

The service sector remains a vital contributor to Hangzhou's economy, accounting for over 70 percent of GDP. Particularly, the digital economy bolstered modern services, with revenue in information technology and software services rising by 7.4 percent from January to August.

Hangzhou's industrial sector showed a steady recovery, with an industrial added value of 325.2 billion yuan, a 4.2-percent increase. Key industries, including electronics, electrical machinery, and automotive manufacturing, posted substantial gains, with growth rates of 8.4 percent, 9.2 percent, and 18.1 percent, respectively.

Total retail sales of consumer goods reached 558.1 billion yuan, up 2.0 percent. This recovery was driven by supportive policies, such as subsidies for car purchases and incentives for upgrading household appliances.

Steady economic performance has supported income growth. The per capita disposable income of Hangzhou residents increased by 4.0 percent to 61,485 yuan, with urban residents' incomes rising by 3.3 percent and rural residents' growing by 5.4 percent.

Hangzhou's stability-focused approach demonstrates resilience in key sectors, establishing a solid foundation for sustained growth as the year progresses.