Alibaba AI Labs are displayed at the Apsara Conference 2019 in Hangzhou, capital of Zhejiang province, on Sept 25, 2019. [Photo/IC]

Hangzhou has been elaborate in laying out industries related to the digital economy over the years.

In 2014, Hangzhou launched the No 1 Project of information economy and formulated the first local law in China to promote the information economy and its smart applications: Regulations on the Promotion of the Smart Economy.

In 2018, Hangzhou issued a three-year (2018-22) action plan on developing itself into the top Chinese city in digital economy. The plan included enhancing its attractiveness to domestic and foreign industrial leaders and making every possible effort to help enterprises grow bigger, better and stronger.

The same year, Hangzhou rolled out specific plans on the 12 core industries of digital economy, covering e-commerce, cloud computing, big data, internet of things, online finance, and smart finance.