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More than three decades after China’s reform and opening up policies began, “Made in China” has became a universal tag around the globe and China’s economy has been propelled to the second largest in the world.mini storageAmong the next steps China is making, however, the label “Created in China” is expected to grow in importance, and Hangzhou is expected to become a sample of “Beautiful China,” according to Xi Jinping, the country’s president.As part of that role, the city has become a pioneer of transformative development, as it broadens and deepens its economic base. It has become a high-tech industrial base, internationally important tourism and leisure center, national cultural and creative center, center for e-commerce and a regional financial services center.While the city has little heavy industry, it has settled on 10 key industries to form its economic foundation: cultural and creative industry, tourism and leisure, financial services, advanced equipment manufacturing, e-commerce, information technology and software, the Internet of things, biomedicine, environment protection and new energy.Eco-friendlyBesides being creative, being eco-friendly is a must for the touristic city known for its West Lake beauty.With its position in east China and near Shanghai, Hangzhou also is driving its economic progress with foreign investment. Hangzhou’s government has encouraged the development of pharmaceutical as well as IT industries by luring investment and foreign professionals.The city has vigorously invested in its pharmaceutical industry. Between 2008 and 2012, the city attracted 52 foreign-invested pharmaceutical companies, with a total value of US$2.29 billion in investment.From 2008 to 2012, four of the Fortune 500 companies — Pfizer, Sanofi, MSD and Lily — had established five projects in Hangzhou, and 13 newly established bio-medicine companies had brought in US$376 million worth of investment.And 26 traditional Chinese medicine and medical equipment companies had brought in a total of US$617 million in investment. By the end of 2012, Hangzhou had established a strong pharmaceutical industry with foundations in the chemical, biological, traditional Chinese medicine and medical equipment fields.In the IT field, Hangzhou is making full use of its advantages in the software industry, and is building new companies that are leaders in their respective fields.From 2008 to 2012, the city drew 444 new foreign-invested IT companies, bringing in investments self storagef US$9.26 billion.In the past five years, IT/software companies with funding of over US$30 million each have increased to 85, creating US$4.26 billion in total investment.In 2012, the scale of foreign-invested businesses as well as their social contributions increased. Total business revenue was 514.43 billion yuan (US$84 billion), a growth of 6.2 percent compared to the previous year.Contribution to tax revenues was 34.6 billion yuan last year, an increase of 14.7 percent year on year. Foreign companies employed over 556,567 workers, and generated profit of 51.52 billion yuan, an increase of 21.8 percent from the previous year.In 2012, foreign-backed companies occupied over 30 percent of the city’s industrial output and over 20 percent of the city’s workforce, and their employees’ average annual salary was 55,617 yuan a year, an increase of 15.9 percent over the previous year.Key industriesAlso, the headquarters of a cloud computing center has settled in Hangzhou this year, and aspires to become a national base of cloud computing with an investment of over 200 million yuan.In June, a contract calling for the investment of 5 billion yuan to make Tangqi Ancient Town in Yuhang an international tourism destination was signed by some Zhejiang entrepreneurs and Yuhang’s government.From January to June, Hangzhou lured investments totaling 20.2 billion yuan for 10 key industry projects, which is 47.3 percent of the city’s total investment.During the first six months of the year, new investments in the cultural and creative industries, advanced equipment manufacturing and financial services industries totaled 13.74 billion yuan, taking up 68.1 percent of the total investments of the city’s 10 key industries.Financial services alone raised 5.13 billion yuan, an increase of 131.5 percent over the previous year.Also in the first six months it saw significant growth for tourism and leisure, information technology and software and biomedicine industries, showing growth of 43.6 percent, 38.1 percent and 582 percent, respectively, over the same period last year. Capital in these three industries totaled 4.58 billion yuan, taking up 22.68 percent of the total capital for the 10 key industries.Also in the first six months, the city attracted a total of 6.58 billion yuan in funds for high-tech projects, an increase of 22.2 percent from a year earlier.A total of 1.14 billion yuan was put in place for research, design and development, taking up 17.3 percent of the total funds for the high-tech sector.mini storage