Hangzhou's GDP growth hits 7.3% in first three quarters in 2018

An aerial view of the downtown CBD by the Qiantang River, Hangzhou, Zhejiang province [Photo/VCG]

Hangzhou, capital of East China's Zhejiang province, a city renowned for its thriving private sector and digital economy, witnessed a year-on-year growth in its gross domestic product (GDP) of 7.3 percent from January to September, according to the provincial bureau of statistics.

In the first three quarters of this year, the city's GDP reached 967.3 billion yuan ($139.3 billion). The industrial value-added output rose 6.7 percent, among which the hi-tech industries, emerging industries and equipment manufacturing industries grew at 11.6, 14 and 9.4 percent respectively.

As Hangzhou seeks to become a national hub for the digital economy, the added value of the digital economy, one of the major drivers for the city's economic performance, increased 15 percent year-on-year to 222.4 billion yuan, accounting for 23 percent of the city's GDP.

The e-commerce, software and information service industries are among the major players in the digital sector with growth rates of 18.8 and 18.5 percent respectively.

It's still a medium-to-high growth rate, which proves the city's economy has been steadily improving as Hangzhou continuously adjusts and improves its economic structure, said an official from the Hangzhou bureau of statistics.

A pedestrian walks past Alibaba's headquarters in Hangzhou, capital of Zhejiang province. [Photo/VCG]