linguistic:paraphrasing
Economy

Hangzhou's economy has rapidly developed since its opening up in 1992. It is an industrial city with many diverse sectors such as light industry, agriculture, and textiles. It is considered an important manufacturing base and logistics hub for coastal China. Additionally, the city is an e-commerce and technology hub. The 2001 GDP of Hangzhou was RMB 156.8 billion, which ranked second among all of the provincial capitals after Guangzhou. The city has more than tripled its GDP since then, increasing from RMB 156.8 billion in 2001 to RMB 1.3509 trillion in 2018 and GDP per capita increasing from US$3,020 to $21,184. As of 2019, the Hangzhou metropolitan area was estimated to produce a gross metropolitan product (nominal) of 3.2 trillion yuan ($486.53 billion), making it larger than the economies of Argentina, with a GDP of $452 billion (the 26th biggest in the World) and Nigeria with a GDP of $448 billion (the largest in Africa).

A study conducted by PwC and China Development Research Foundation saw Hangzhou ranked first among "Chinese Cities of Opportunity". Hangzhou is also considered a World City with a "Beta+" classification according to GaWC. Hangzhou ranked 89 in the Global Financial Centres Index in 2018. It was also ranked first in the China Emerging City Rankings of the Economist Intelligence Unit, which assesses Chinese cities growth potential, in both 2021 and 2022. Hangzhou ranks 11th in the world and 6th in China (after Beijing, Shanghai, Hong Kong, Shenzhen and Guangzhou) in terms of the number of billionaires according to the Hurun Global Rich List 2020. As of August 2023, Hangzhou has the tenth-most Fortune Global 500 headquarters of any city in the world and the fourth-most in China – after Beijing, Shanghai and Shenzhen – within its city limits.