Hangzhou National Innovation Demonstration Zone. [Photo/zjol.com.cn]

In August 2015, the State Council officially approved the construction of the National Innovation Demonstration Zone in Hangzhou National High-tech Zone, Zhejiang province, the 10th of its kind nationwide. The Hangzhou National Independent Innovation Demonstration Zone was officially unveiled in April 2016. 

As a national independent innovation demonstration zone, it focuses on exploring cutting-edge technologies and promoting the development of local high-tech industries. 

Hangzhou High-tech Zone has formed an industrial cluster for the digital economy, including big-data, cloud computing, and a new generation of artificial intelligence. Industrial giants such as Alibaba, H3C, Hikvision, Zhejiang Zhongkong, Concentration Technology, and Hang Seng Electronics have established offices in the zone. Hangzhou High-tech Zone currently has 700 national high-tech enterprises, 41 listed companies, and 104 new three-board listed companies settled in the area. 

In December 2017, Hangzhou issued seven entry and exit preferential policies under the approval of the Ministry of Public Security, offering great convenience in applying for permanent residence in China, entry and exit visas, residence permits and port visas. 

By the end of 2018, the region had achieved regional GDP of 255.03 billion yuan ($37.57 billion) and total fiscal revenue of 74.23 billion yuan, of which the general public budget revenue was 37.12 billion yuan. It ranks third in the latest national high-tech zone comprehensive evaluation rankings.

Hangzhou will strive to build the Hangzhou National Independent Innovation Demonstration Zone into an innovation-driven center.