The fifth World Hangzhou Entrepreneurs Convention opens in Hangzhou on Nov 7. [Photo/WeChat account: hangshang2009]

The fifth World Hangzhou Entrepreneurs Convention recognized 42 Hangzhou-based companies among the "Top 500 Chinese Private Enterprises 2023" on Nov 7, one more than last year.

Hangzhou companies accounted for 8.4 percent of the national total, and the city has now ranked as the top in the country for 21 consecutive years.

Hangzhou companies dominate the Top 500 Private Enterprises not only in terms of quantity but also in terms of quality.

This year, a total of 10 local enterprises made it into the top 100 of the 500 private giants. Alibaba and Rongsheng Holding Group even secured spots among the top 10 nationwide by generating revenue of 864.5 billion yuan ($118.68 billion) and 579.6 billion yuan, respectively.

Hangzhou has also invested heavily in research and development, with three local enterprises – Alibaba, Geely, and Ant Group – being ranked among the top 10 nationwide in this regard.

During the event, the "Top 100 Hangzhou Private Enterprises 2023", along with its subcategories on manufacturing, services, employment and R&D, were announced. The threshold for the "Top 100 Hangzhou Private Enterprises" increased to 5.125 billion yuan, up by 1.757 billion yuan from the previous year.

With Hangzhou further promoting the high-quality development of its private economy and continuing to release favorable policies, the number of the city's companies cracking the top 500 is rising rapidly, showcasing the city's vibrant business landscape.

A night view of Qianjiang New City, an up-and-coming business district in Hangzhou, Zhejiang province, Oct 25. [Photo/IC]