Economy
Hangzhou's economy has rapidly developed since its opening up in 1992. It is an industrial city with many diverse sectors such as in light industry, agriculture, textile, It is also considered an important manufacturing base and logistics hub for coastal China.
In 2001, the GDP of the whole city amounts to RMB 156.8 billion which ranks the second among all of the provincial capitals after Guangzhou. The city has more than tripled GDP in the last eight years, with GDP increasing from RMB ¥156.8 billion in 2001 to RMB ¥701.1 billion in 2011 and GDP per capita increasing from USD 3,025 to USD 12,447.
The city has developed many new industries since, they include medicine, information technology, heavy equipment, automotive components, household electrical appliances, electronics, telecommunication, fine chemicals, chemical fibre and food processing.
Read more about this topic: Hangzhou
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)