A panoramic view of Qianjiang New City in Hangzhou, East China's Zhejiang province [Photo/zj.zjol.com.cn]

Hangzhou's efforts to attract investment and talent have propelled the city's progress in developing the pivotal industries of digital economy and manufacturing, local media reported on May 29.

Statistics show that in the first quarter of this year, Hangzhou's digital economy withstood the COVID-19 pandemic and registered operational revenue of 232.37 billion yuan ($32.5 billion), a year-on-year growth of 5.4 percent. A 9.6-percent rise was also seen in the added value of industries above a designated size, and 84.6 percent of such enterprises have realized digital transformation.

Hangzhou has also fulfilled its foreign investment target ahead of schedule, and 49 projects – with each worth over 1 billion yuan ($14 million) – are being carried out in the city, attracting a total investment of 138.7 billion yuan. Hangzhou also topped Chinese cities in terms of the net inflow of high-end talent, especially those specializing in internet-related fields.

At present, Hangzhou is sparing no effort to develop a new digital-based infrastructure which will highlight technologies such as 5G, artificial intelligence and block chains and boost scientific and other forms of innovation.