A panoramic view of Qianjiang New Area at night. [Photo/IC]

Hangzhou realized a regional GDP of 1.16 trillion yuan ($173 billion) in the first three quarters of this year, growing 3.2 percent year on year, local media reported.

The digital economy saw strong development momentum as the added value of core industries grew 11.5 percent to 295.2 billion yuan from January to September, one percentage point higher than in the first half of the year. Industries such as electronic information products manufacturing and artificial intelligence achieved the highest growth.

Industrial enterprises above designated size also recovered, as their added value was up 2.5 percent to 257.5 billion yuan. High-tech, equipment manufacturing, and strategic emerging industries increased by 7.1, 9.5, and 8.4 percent, respectively.

As COVID-19 wanes in Hangzhou, residents were willing to consume more, with total retail sales of consumer goods in the first three quarters down only 5.2 percent to 420.4 billion yuan, 1.6 percentage points narrower than in the first half of the year.

Modern services such as information transmission software, information technology, and the financial industry contributed most to the positive trend in Hangzhou's service industry, which grew 4.6 percent year on year from January to September.

Imports and exports performed better than expected in the first three quarters with a value of 434.9 billion yuan. Imports grew 18.1 percent to 167.8 billion yuan, while exports were up 1.5 percent to 267.1 billion yuan.