On July 22, Hangzhou released its vigorous economy "semi-annual report": Its total output value was 1,130.3 billion yuan, with a year-on-year growth of 5.5 percent, presenting a trend of "steady progress and gradual improvement".

Hangzhou achieves steady increase in agriculture, industry and service industries. The consumer market shows an upward trend. The new quality productive forces promote the continuous innovation of economic structure.

The private economy maintains strong resilience. The export of goods by private enterprises accounts for 76.8 percent of the city's total export volume.The countries involved in the Belt and Road Initiative see an increase in export growth rate.The innovation spirit of private enterprises injects the impetus into the economy.