Hangzhou is a most economically vibrant city in China. Its local GDP in 2014 reached 920.16 billion yuan as its per capita of 103,757 yuan ranking fourth among the country's provincial capital cities, fifth among all the sub-provincial cities and tenth among all cities.
For years, Hangzhou has been recognized by the World Bank as having China's best investment environment. Forbes Magazine has also consecutively placed Hangzhou on its chart of "Mainland China's Best Cities for Commerce".
Alibaba Group, the world's biggest online B2B business, and Geely which acquired Volvo, are both headquartered in Hangzhou.