In the first half of this year, Hangzhou's GDP increased to 254.08 billion yuan, a 12.4% increase. The added value of the secondary industry reaches 124.45 billion yuan, the biggest increase among the three industries. Hangzhou city's financial revenues reach 70.43 billion yuan, increasing by 29.8% compared to last quarter. Last quarter the revenue increased by 25.7%, which means this quarter's increase is 4.1% more than the increase last quarter.

Gao Yiliang, chief of Hangzhou Development and Reform Committee, says that Hangzhou's economy is of high caliber and is developing rapidly.

Hangzhou's secondary industry, service industry and residential incomes as well as its investment industry, consumer industry, export industry, and financial sector are all developing. On the other hand, the price of commodities is increasing. Although Hangzhou Development and Reform Committee have not achieved their goal, most indexes of Hangzhou's economy have approximately increased 20%.

By Li Cheng & Wu Wei