Hangzhou: A favored destination for investment

On the off chance that there was anyone out there who had not yet clocked Hangzhou’s evolution from an ancient and historic city into a magnet for investment, the booming talent net inflow rate in the first quarter of 2018 may drive the point home.

Statistics show that the net rate of new job recruits flowing into Hangzhou is 13.6 percent, much higher than China's traditional first-tier cities including Beijing, Shanghai, Guangzhou and Shenzhen.

As the host city of the 2016 G20 Summit and the upcoming 2022 Asian Games, the capital of Zhejiang province has gained worldwide recognition and become a capital and talent hub, with artificial intelligence, biopharmaceutical and creative and cultural industries being driving forces behind the rapid economic development.

Home to China’s e-commerce giant Alibaba group, Hangzhou is a hotbed for innovation and entrepreneurship, housing dozens of unicorns and startup companies, including Ant Financial Services Group and the social media and fashion shopping platform Mogujie. With innovation as a main engine, the city witnessed a 12.23 percent growth rate of entrepreneurship in 2017.

To lure more high-caliber professionals and a better investment climate, the city is exploring measures to streamline service procedures in accordance with Zhejiang's 'At Most One Visit' administrative reform, which simplifies the process for people visiting government departments so that ideally they only have to do so once.

Additionally, a series of preferential policies, including fiscal support and preferential tax rates, are being offered to startups.

Over the years, Hangzhou has been committed to developing its hi-tech industry and making it a pillar of the regional economy. In the first half of the year, the added value of the hi-tech industry exceeded 87 billion yuan ($12.66 billion), a year-on-year increase of 12.3 percent. Biopharmaceutical, information technology, financial and cultural and creative industries have also maintained a good momentum.