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
