Hangzhou's Yuhang district reports 9.6% GDP growth in Q1

Yuhang district of Hangzhou, Zhejiang province recorded a GDP growth of 9.6 percent in the first quarter of this year, reaching 59.16 billion yuan ($8.78 billion), according to a report released by the Yuhang government.

Total fiscal revenue rose 31.5 percent year-on-year to 26.55 billion yuan in Yuhang while other major economic indicators and growth rates ranked at the top among the districts and counties in Zhejiang province, said the report.

The economic structure has been continuously optimized. Official statistics show that from January to March, the service industry played a key role in the economic performance, contributing 92.3 percent to the regional GDP growth.

The added value of its digital economy, a strong sector in Hangzhou, rose by 17 percent year-on-year to 31.93 billion yuan, accounting for 54 percent of the district's GDP.

Major projects are progressing steadily in Yuhang as well. Since the beginning of the year, the district has signed 11 and started work on 25 others. Eleven out of 12 key projects in Zhejiang province are under construction.

Meanwhile, Yuhang has also stepped up efforts in scientific and technological development of innovative research institutes, such as Zhejiang province's top research institute Zhejiang Lab, and the Alibaba DAMO Academy. The number of patent grants was up 37.2 percent and invention patent grants increased by 80 percent.

In upcoming years Yuhang will strive to ensure high-quality and sustainable economic development with a focus on attracting businesses and investment, pushing forward projects and better serving enterprises.