The 2018 Hangzhou Cultural and Creative Industry Investment and Financing Forum is held in the city, Zhejiang province, on Sept 20. [Photo/zjol.com.cn]

The cultural and creative industries of Hangzhou, Zhejiang province have grown from an emerging "fledgling" industry to a new engine for its economic development, according to a report released at the 2018 Hangzhou Cultural and Creative Industry Investment and Financing Forum on Sept 20.

With a total of 11 unicorns and over 9.4 billion yuan ($1.38 billion) venture capital, the investment competitiveness of the industry ranks top of the nation, following closely after Beijing, Shanghai and Shenzhen.

The fast growth can be partly attributed to the support offered by the city's financial institutions that have provided over 2000 financing services for local cultural and creative companies.

The report also reveals that the equity investment of the industries reached 3.5 billion yuan from 2017 through the first half of 2018, ranking third in China.

"In 2017, the added value of Hangzhou's cultural and creative industries accounted for 24 percent of the city's GDP, which is neck to neck with some of the major American cities", said Hu Zhiguang from Zero2IPO Group, an entrepreneurial and investment service platform in China.

An array of strategic cooperation agreements were also agreed between the Hangzhou Cultural and Creative Industry Office and well-established banks and cultural foundations.

Hu Zhiguang from Zero2IPO Group makes a keynote speech at the 2018 Hangzhou Cultural and Creative Industry Investment and Financing Forum in the city, Zhejiang province, on Sept 20. [Photo/zjol.com.cn]

The signing ceremony between the Hangzhou Cultural and Creative Industry Office and a cultural foundation is held at the 2018 Hangzhou Cultural and Creative Industry Investment and Financing Forum in the city, Zhejiang province, on Sept 20. [Photo/zjol.com.cn]