Hangzhou held a business and industrial conference on Feb 2, setting forth new investment goals.

This year, Hangzhou is expected to witness 121 projects included in the Zhejiang provincial "Thousand Projects, Trillion Investment" initiative, with a total investment of 625.8 billion yuan ($87 billion) and an annual planned investment of 82.9 billion yuan. The province-wide initiative involves planning and advancing over 1,000 major projects annually in nine key areas, with a cumulative annual investment exceeding 1 trillion yuan.

Moreover, Hangzhou is set to launch a total of 844 industrial projects, with each investment surpassing 5 million yuan, amounting to a planned total investment of 443.04 billion yuan. The city also aims to attract 300 manufacturing projects with each investment exceeding 100 million yuan, and 55 projects with each investment surpassing 10 billion yuan.

To achieve these objectives, Hangzhou will continue to focus on the development of five major industrial clusters – smart internet of things, biopharmaceuticals, high-end equipment, new materials, and new energy.

Furthermore, Hangzhou will attract investments precisely tailored to the development of the five industrial clusters. The city's goal is to attract 350 new projects with an investment exceeding 100 million yuan each throughout the year, ensuring rapid growth in both the quantity and quality of projects.

The conference revealed that Hangzhou aims for a 3-percent increase in fixed-asset investment in 2024, with private project investment increasing by 10 percent. The share of private investment is expected to exceed 50 percent, and the target for manufacturing industry investment is set to grow by 20 percent.