The sixth session of the 14th Hangzhou Municipal People's Congress opened on January 21. While delivering the government work report, Hangzhou Mayor Yao Gaoyuan announced that the city's regional Gross Domestic Product (GDP) for 2025 reached 2,301.1 billion yuan (RMB), representing a year-on-year increase of 5.2%.

In 2025, Hangzhou's economy demonstrated stable progress and positive momentum, with the value of goods trade exports surpassing 600 billion yuan, an increase of 8.7%; total retail sales of consumer goods amounted to 949.9 billion yuan, growing by 3.8%.

For the year 2025, research and development expenses for Hangzhou's industrial enterprises above the designated size exceeded 90 billion yuan; the value-added of core digital economy industries grew by more than 9%.

Looking at the entire 14th Five-Year Plan period, Hangzhou's GDP increased from 1.6 trillion yuan in 2020 to 2.3 trillion yuan, while its GDP per capita rose from $21,000 to approximately $25,000.

When outlining the main socioeconomic development goals for the 15th Five-Year Plan period, Mayor Yao Gaoyuan stated that Hangzhou aims to elevate its GDP to a new level of over 3 trillion yuan by 2030, with GDP per capita exceeding $30,000, reaching the standard of developed economies.

Specifically for 2026, the city has set a target of "GDP growth between 5% and 5.5%, striving for even better results in practical work."

According to the Hangzhou government work report, during the 15th Five-Year Plan period, the city will accelerate the development of an artificial intelligence innovation hub, concurrently build a global advanced manufacturing base, establish a national digital economy innovation center, and construct an eastern China modern service industry center.