The GDP of Hangzhou's Binjiang district is expected to exceed 100 billion yuan ($15.53 billion) in 2017 with a year-on-year increase of 13 percent, a record high, according to a government report delivered on Jan 12.

The district's general fiscal revenue reached 28.73 billion yuan, up 22.1 percent, while the general public budget revenue rose 19.4 percent to 14.28 billion yuan.

Known as Hangzhou High-tech Industrial Development Zone, Binjiang has maintained steady economic development for a decade, with an average annual growth rate above 10 percent. In 2017, Binjiang ranked third among the 147 State-level high-tech zones after Beijing's Zhongguancun Science Park and Shanghai's Zhangjiang Hi-Tech Park.

A number of information technology enterprises have played a key role in driving Binjiang's economic transformation, including Alibaba, NetEase, H3C, Hikvision, Dahua and Uniview. Revenue from Binjiang's information technology industry reached 260 billion yuan last year, a significant year-on-year growth of 33 percent.

Binjiang has also become a hot spot for investment. Last year, the district welcomed the initial public offerings (IPOs) of three new companies, bringing the total IPOs there to 40. There were 103 New Three Board companies, with 24 newly added.

According to district authorities, Binjiang aims to become the first district in Zhejiang province to host more than 100 IPOs with nationwide influence.

Binjiang will step up efforts to improve the lives of locals in 2018, while devoting attention to industrial transformation, environmental protection and systems innovation. Guided by people-oriented principles, Binjiang will focus on improving the quality of life for both rural and urban residents.

In a bid to boost regional economic restructuring and contribute to Zhejiang's industrial transformation, Binjiang also aims to advance supply-side structural reform, attract more high-tech companies, foster emerging industries and establish a modern economic pattern.

Binjiang will attach importance to innovation of its government systems with the aim of becoming a key pilot of systems innovation as well.