HANGZHOU’S SKYLINE IS AS MODERN AS ITS HI-TECH ECONOMY WHICH IS NOW THE SIXTH LARGEST BY GDP AMONG CHINA’S CITIES
Hangzhou, in China’s Zhejiang Province, is known as the country’s digital capital. It is working hard to be at the global forefront of integrated circuit and high-end chip development
4 October 2019 | Staff Writers and PRNewswire
Hangzhou has built a global reputation as the hub of China’s e-commerce sector and home city of online trading giant Alibaba. It’s also home to a bustling IT hardware sector and the city’s government is keen to maintain the infrastructure that will underpin future growth.
Hangzhou’s Investment Promotion Bureau will help integrate enterprises scattered throughout the city with the main integrated chip development hub located in the Binjiang district.
In a statement is announced, “According to the current development plans, Hangzhou will extend its integrated chip (IC) industry from designing to producing and highlight chip production in key areas, to build core competitiveness of the industry and construct an industry cluster.”
The city government has written several development goal white papers, its latest development plan is for the integrated chip and associated industries to generate 50 billion Yuan (US$7B) by 2020.
In 2018 revenue from that sector reached 33 billion Yuan, if the chip sector maintains its annual growth rates of 30% it could exceed that target by up to 5 billion Yuan.
Hangzhou’s growth provides a window into China’s future, in terms of GDP it is the sixth largest city economy in China; an economy that is built on hi-tech services and high-value added production.
It’s also been a leader in engagement with other global cities and has 26 sister city arrangements including Queenstown in New Zealand, four Japanese cities, one in the Philippines and with Kota Kinabalu in Malaysia, an agreement that was signed earlier this year.