The City experiences
In the current modern world, Hangzhou has taken a new tune by shifting from the typical ancient procedures of doing business. And it adopted digital business procedures. The City hosts some of the online business giants such as Alibaba, among many others. The City’s mayor discloses the success of Hangzhou in digital business is attributed to its competitive advantage compared to other cities in China. Hangzhou has advanced its digital economy by use of advanced technology, especially online stores (e-commerce) and smart-banking. The City has motivated investment in the Information Technology industry. It has established centers for Information Software development, E-commerce and cloud computing is also an area of concern to the City. The City experiences an alarming inflow of IT experts and talents who contribute significantly to the growth of the digital economy. These attributes have played a significant role in attracting foreign investors who indulge in other industries hence ensuring a balance of development in all sectors of the economy. Hangzhou City has developed top information systems such as “Mobile City” and “City Brain,” which use artificial intelligence to ease the operations of the business in the City. Statistics indicate that the City has enjoyed tremendous growth of income from the digital economy with a breakthrough being in the year 2018 when it hit an income amounting to 1 trillion RMB. There are currently undergoing efforts to transform Hangzhou City into an international hub for innovation. The plan is purposed to take the digital economy further ahead than it is presently.