Economy

The GDP of Hangzhou increased by 4.7 percent in 2024, exceeding 2.18 trillion yuan (about $299 billion), according to data released by the municipal statistics bureau on Jan 22.

The service sector contributed 1.6 trillion yuan — a 5 percent increase — and accounted for 78.1 percent of the city's economic growth.

Consumer spending showed signs of recovery, with retail sales rising 2.8 percent year-over-year to 788.4 billion yuan. Exports surged 11.5 percent to 595 billion yuan, surpassing the national growth rate by 4.4 percentage points.

Per capita disposable income rose to 76,777 yuan, an increase of 4 percent. The urban-rural income gap continued to shrink, with the income ratio falling to 1.64. Inflation remained low, with consumer prices edging up just 0.1 percent.