Hangzhou's bustling urban landscape at night. [Photo provided by Xiaoshan district government]

Hangzhou's economy remained stable in the first 10 months of 2025, with solid progress made in high-quality development, according to data released by the municipal statistics bureau.

Industrial growth remained steady, with the city's major enterprises realized 378.7 billion yuan ($53.5 billion) in industrial added value, up 6.2 percent year-on-year. Strategic emerging industries and high-tech industries grew 9.1 percent and 7.3 percent, both outpacing overall industrial growth.

The service sector continued to pick up, with service revenue rising 9.4 percent in the first nine months. Information technology services grew 14.2 percent, while scientific R&D services rose 7.9 percent. Digital economy and high-tech services posted double-digit increases.

Consumer spending expanded, with retail sales reaching 773.7 billion yuan, up 4.8 percent. Sales of home appliances and audiovisual equipment jumped 50.8 percent, communication devices by 37.1 percent, and NEVs by 11.2 percent.

Investment structure improved, though overall fixed-asset investment declined 5.9 percent. Excluding real estate, investment grew 5.9 percent. Industrial investment accelerated to 7.3 percent, while infrastructure investment rose 16.2 percent.

Foreign trade showed resilience, with total imports and exports reaching 743.6 billion yuan, up 5.7 percent. Exports grew 8.4 percent, driven by strong performances in electromechanical and high-tech products. Exports to Belt and Road markets jumped 14.2 percent, outpacing overall growth.

Prices showed mild recovery, with the consumer price index rising 0.4 percent year-on-year in October. The producer price index decline narrowed to 2.4 percent, signaling gradual stabilization in industrial prices.

Photovoltaic panels installed atop a mountain in Lin'an district. [Photo/CFP]