Economic Development

In 2011, Hangzhou fully implemented the Twelfth Five-Year Plan. achieved stable and rapid economic development. The Gross Domestic Product(GDP) of Hangzhou Exceeded 700 billion yuan to 701.180 billion yuan, up by 10.1% at comparable price over the previous year, with an annual economic growth rate of over 10% maintained for consecutive 21 years. The GDP per capita (calculated by permanent residents) was over 80,000 yuan t0 80,395 yuan, or 12.447 US dollars at the 2011 average exchange rate published by the country respectively, which calculated by Household population was over 100,000 yuan, equivalent t0 15.679 US dollars. According to the World Bank income group classification, Hangzhou was equivalent to the level of moderately developed countries.

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