Hangzhou gets off to a flying start in effective investment

Hangzhou, capital of Zhejiang province, is off to a good start in expanding its effective investment, with fixed-asset investment up 11.5 percent in the first two months of this year, according to a conference held on March 29.

Investment in major transportation projects exceeded 100 billion yuan ($14.9 billion) in January and February.

Effective investment is crucial to stimulating economic growth, said an official from the Hangzhou Development and Reform Commission, adding that a total of 438 major projects worth 211.2 billion yuan are planned for this year.

Projects focusing on digital economy, biopharmaceuticals, cloud computing, big data, digital security, artificial intelligence, and integrated circuits are in the works.

Hangzhou aims for an increase of over 10 percent in industrial investment, which has seen lackluster growth in recent years.

Construction on several new major transportation projects is also speeding up, including subways, airport express lines, intercity railways, and other supporting facilities.