An aerial view of urban Hangzhou [Photo/zj.zjol.com.cn]

Hangzhou's GDP for the first three quarters reached 1.05 trillion yuan ($148.74 billion), according to figures released by the local statistics bureau on Oct 25, representing a year-on-year rise of 6.7 percent.

According to officials, it is the first time the city's GDP has exceeded 1 trillion yuan for a three-quarter period.

Local authorities put the impressive achievement down to the area's thriving manufacturing sector and growing digital economy. Indeed, officials are currently working to develop Hangzhou into China's No 1 city in terms of digital economic prowess. 

In the first three quarters, the added value of Hangzhou's core digital economy industries was 270.6 billion yuan, registering an increase of 15.9 percent on that of the first half of the year, accounting for 27.7 percent of Hangzhou's GDP in the first three quarters. 

As for manufacturing, Hangzhou also announced ambitious plans to boost the sector. 

On Sept 20, the city vowed to revive manufacturing by rolling out the "new manufacturing industry plan", involving a series of measures designed to appeal to manufacturing firms. 

With a series of friendly policies, Hangzhou achieved 254.2 billion yuan of industrial added value of its companies above a designated size in the first three quarters –– an increase of 4.4 percent compared to the first half of the year.

Meanwhile, Hangzhou residents also enjoyed more money in their pockets, with per capita disposable income of the city's residents in the first three quarters coming in at 47,110 yuan, an increase of 8.7 percent over the first half of the year.