Hangzhou, the birthplace of Chinese e-commerce giant Alibaba, aims to grow the output value of its industrial platform to 3 trillion yuan ($419.3 billion) by 2025, the local government announced on Wednesday.
Located just two hours’ drive from Shanghai, Hangzhou is famous for its tourist attractions as well as for incubating startups.
The city government said it will focus on the development of industries which hold a competitive advantage such as the intelligent Internet of Things (IoT), high-end equipment, biomedicine, new materials and green energy.
It also stressed cultivating forward-looking strategic industries such as integrated circuits and artificial intelligence to comprehensively enhance the city’s lead in the digital economy.
The digital economy in Hangzhou is booming as it plays to the aggregate effect of technology and supply chain companies. The city also plans to build three 100-billion yuan-level and two 1-trillion yuan-level industrial clusters by 2025.