Hangzhou sees steady growth in technical innovation in Q1

May 12 13:36 2022

The added value of the high-tech industry in Hangzhou in the first quarter of this year stood at 73.58 billion yuan ($10.96 billion), up 14.5 percent year-on-year, according to statistics released by local authorities.

The business revenue of the high-tech industry in Hangzhou in Q1 amounted to 183.94 billion yuan, a rise of 13.5 percent year-on-year.

Analysts attributed the growth to Hangzhou’s steady economic performance and the city’s input of R&D resources.

From January to February, Hangzhou’s expenditure on high-tech research was 9.12 billion yuan, a year-on-year increase of 21.6 percent.

To provide better services for high-tech firms, Hangzhou has developed a digital platform where tech firms can access services conveniently. To date, 452 maker spaces and incubators have registered as users of the platform, which provides services to 16,000 companies.

Hangzhou currently has 12 high-tech industrial parks. Two of them are national-level parks and two are provincial-level ones.

In the Hangzhou High-Tech Zone (Binjiang), which is home to many high-tech firms, the industrial value of high-tech companies increased by 11.7 percent from the previous year.

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