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 <div>Zhejiang University locates in Hangzhou, which is called the Chinese Silicon Valley. The Alibaba Group, the world's largest online B2B portal and China's largest website in terms of market value, is headquartered in the zone. What’s more, in 2016, the G20 Hangzhou Summit was held in this city. </div><div>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. 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 ¥1.105 trillion in 2016 and GDP per capita increasing from US$3,025 to US$18,282. </div><div>In 2017, the city's high-tech industry added value of 160.6 billion yuan, increasing by 13.6%. The number of invention patent applications and authorizations were 25,078 and 9,872 respectively.</div><div>The city has developed many new industries, including medicine, information technology, heavy equipment, automotive components, household electrical appliances, electronics, telecommunication, fine chemicals, chemical fibre fiber and food processing. </div><div>Hangzhou Economic & Technological Development Zone was established and approved as a national development zone by the State Council in 1993. It covers an area of 104.7 km2 (40.4 sq mi). Encouraged industries include electronic information, biological medicine, machinery and household appliances manufacturing, and food processing.Hangzhou Export Processing Zone was established on April 27, 2000 upon approval of the State Council. It was one of the first zones and the only one in Zhejiang Province to be approved by the government. Its total planned area is 2.92 km2. It is located close to Hangzhou Xiaoshan International Airport and Hangzhou Port. </div><div>Hangzhou Hi-Tech Industrial Development Zone was set up with approval from the State Council as a state level Hi-tech Industrial Development Zone in March 1991. The HHTZ is composed of three parts, with the main regions being the Zhijiang Sci-Tech Industrial Park and Xiasha Sci-Tech Industrial Park. HHTZ has become one of the most influential hi-tech innovation and hi-tech industry bases in Zhejiang Province. As of 2013, HHTZ hosts more than 1,100 software developers and BPO enterprises. Major companies such as Motorola, Nokia and Siemens have established R&D centers in the zone. In 2011, the GDP of the zone rose by 13.1 percent, amounting to RMB 41.63 billion. This accounted for 5.9 percent of Hangzhou's total GDP. The HHTZ positions itself as the "Silicon Valley" of China.&nbsp;</div><div><br/></div>