A panoramic view of Qianjiang New City, Hangzhou's CBD. [Photo/IC]

Hangzhou, capital of East China's Zhejiang province, secured $6.54 billion in foreign direct investment or FDI in 2024 – accounting for 5.63 percent of China's total and 42.84 percent of Zhejiang's total – ranking it first among sub-provincial cities and third nationwide.

The glowing performance represented Hangzhou's highest annual FDI ranking so far, with it trailing only Shanghai and Beijing.

Last year, Hangzhou sent 32 delegations to Europe, the Americas, Japan and South Korea to attract investment – resulting in significant deals with companies like German multinational pharma and biotech group Bayer AG.

Precision investment strategies are said to have bolstered Hangzhou's industrial ecosystems. For example, Yingde Gases' $1.17 billion investment leveraged the city's industrial gas base – propelling FDI in high-tech manufacturing to $3.34 billion, a massive 358.99-percent increase from 2023.

As one of China's pilot cities for business environment innovation, Hangzhou continues to enhance its investment climate.

Efforts include supporting innovation funds, fast-tracking major projects and fostering reinvestment by existing foreign enterprises. Japanese manufacturer Yokohama Rubber's $500 million tire factory is seen as exemplifying this momentum – becoming Hangzhou's largest foreign-funded manufacturing project in a decade and setting a benchmark for efficient project execution.

Hangzhou's FDI achievements are said to underscore its role as a global leader in resource allocation – driving industrial and technological progress, amid a challenging international investment landscape.

The China (Zhejiang) Pilot Free Trade Zone. [Photo/hangzhou.com.cn]