Gross domestic product ( GDP ) is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic health of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund .
96-647: [REDACTED] Look up wǔlín or 武林 in Wiktionary, the free dictionary. Wulin may refer to: Hangzhou [ edit ] Wulin (Chinese: 武林 ), the ancient name and chiefly literary or poetic synonym of Hangzhou Wulin Lakes (武林水), the ancient name of West Lake, Hangzhou Wulin Academy of Arts (武林書畫院), the art academy of Hangzhou Wulin Square (武林廣場),
192-688: A UNESCO World Heritage Site west of the city, is among its best-known attractions. In 2023, it became the third Chinese city to host the Asian Games , after Beijing 1990 and Guangzhou 2010 . It was also the second Chinese city to host the Asian Para Games after the Guangzhou 2010 . Hangzhou also hosted the 11th G20 summit in 2016. The celebrated neolithic culture of Hemudu is known to have inhabited Yuyao , 100 km (62 mi) south-east of Hangzhou, as far back as seven thousand years ago. It
288-770: A 2.8 km (1.7 mi) long causeway across West Lake made of mud dredged from the lake bottom. The lake is surrounded by hills on the northern and western sides. The Baochu Pagoda sits on the Baoshi Hill to the north of the lake. Hangzhou was chosen as the new capital of the Southern Song dynasty in 1132, when most of northern China had been conquered by the Jurchens in the Jin–Song wars . The surviving imperial family had retreated south from its original capital in Kaifeng after it
384-591: A GDP of $ 452 billion (the 26th biggest in the World) and Nigeria with a GDP of $ 448 billion (the largest in Africa). A study conducted by PwC and China Development Research Foundation saw Hangzhou ranked first among "Chinese Cities of Opportunity". Hangzhou is also considered a World City with a "Beta+" classification according to GaWC . Hangzhou ranked 89 in the Global Financial Centres Index in 2018. It
480-506: A base year. The result would be that the GDP in 2000 equals $ 300 million × 1 ⁄ 2 = $ 150 million , in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP . The factor used to convert GDP from current to constant values in this way
576-539: A corresponding population increase and the city developed well outside its 9th-century ramparts. According to the Encyclopædia Britannica , Hangzhou had a population of over 2 million at that time, while historian Jacques Gernet has estimated that the population of Hangzhou numbered well over one million by 1276. (Official Chinese census figures from the year 1270 listed some 186,330 families in residence and probably failed to count non-residents and soldiers.) It
672-518: A country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. Gross national income (GNI) equals GDP plus income receipts from
768-515: A country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if
864-637: A country's citizens at home and abroad rather than its "resident institutional units" (see OECD definition above). The switch from GNP to GDP in the United States occurred in 1991. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions . The history of
960-406: A country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change . The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate . GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person . This measures the average production of a person in
1056-534: A metric for international comparisons as well as a broad measure of economic progress . It is often considered to be the world's most powerful statistical indicator of national development and progress. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities , such as resource extraction , environmental impact and unpaid domestic work . Alternative economic indicators such as doughnut economics use other measures, such as
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#17328525430441152-406: A population of 3,780,000 and the suburban districts occupy 7,586.04 km (2,928.99 sq mi) and have a population of 4,461,000. The West Lake Scenic Area holds the country-level administrative power, though not formally a county or district. In the early 90s, the urban districts of Hangzhou only comprised Shangcheng, Xiacheng, Gongshu, Jianggan. On December 11, 1996, Binjiang District
1248-732: A public square in the centre of Hangzhou Towns in China [ edit ] Wulin, Guangxi (武林镇), a town in Pingnan County, Guangxi , China Wulin, Heilongjiang (五林镇), a town in Yangming District, Heilongjiang , China Wulin, Hubei (乌林镇), a town in Honghu, Hubei Martial arts [ edit ] Wulin (Chinese: 武林 ; lit. 'martial forest') is the fictional society of Chinese martial arts heroes in Wuxia fiction. Wulin
1344-450: A total population of 11,936,010 inhabitants. However, its metropolitan area, populated by 13.035 million people over an area of 8,107.9 km (3,130.5 sq mi), consists of all urban districts in Hangzhou and 3 urban districts of the city of Shaoxing . Hangzhou is the eighth largest GDP among cities in mainland China with a GDP of around 1.8 trillion RMB ($ 280 billion). Home to
1440-467: Is US$ 5,040,107.75 (in a million). Predictably, as a developed country, Japan has a higher GNI (by 182,779.46, in millions of USD), which is indicative that the production level in the country is higher than that of national production. On the other hand, the case with Armenia is the opposite, with GDP being lower than GNI by US$ 196.12 (in million). This demonstrates that countries receive investments and foreign aid from abroad. The Total income divided by
1536-872: Is affected by the plum rains of the Asian monsoon in June. In late summer (August to September), Hangzhou suffers typhoon storms, but typhoons seldom strike it directly. Generally they make landfall along the southern coast of Zhejiang, and affect the area with strong winds and stormy rains. Extremes since 1951 have ranged from −9.6 °C (15 °F) on 6 February 1969 up to 41.9 °C (107 °F) on 3 August 2024; unofficial readings have reached −10.5 °C (13 °F), set on 29 December 1912 and 24 January 1916, up to 42.1 °C (108 °F), set on 10 August 1930. With monthly percent possible sunshine ranging from 30% in March to 51% in August,
1632-425: Is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Market goods that are produced are purchased by someone. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring
1728-900: Is also the Jingci Temple , the Baochu Pagoda , and the Leifeng Pagoda .The Qiantang River is the largest river in Zhejiang Province, China. Every year during August 15 to August 18 of the lunar month in China, the Qiantang Tide occurs. It is called "the Biggest Tide in the World". The world's largest tidal bore races up the Qiantang River through Hangzhou reaching up to 12 m (39 ft) in height. Other religious sites in Hangzhou include
1824-401: Is believed that Hangzhou was the largest city in the world from 1180 to 1315 and from 1348 to 1358. Because of the large population and densely crowded (often multi-story) wooden buildings, Hangzhou was particularly vulnerable to fires. Major conflagrations destroyed large sections of the city in 1208, 1229, 1237, and 1275. The 1237 fire alone destroyed 30,000 dwellings. However, the worst was
1920-838: Is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. This method measures GDP by adding incomes that firms pay households for factors of production they hire – wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Product Accounts" divide incomes into five categories: These five income components sum to net domestic income at factor cost. Two adjustments must be made to get GDP: Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by
2016-471: Is called the GDP deflator . Unlike consumer price index , which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods. Real GDP can be used to calculate the GDP growth rate, which indicates how much
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#17328525430442112-611: Is classified as a sub-provincial city and forms the core of the Hangzhou metropolitan area, the fourth-largest in China. It is the capital and most populous city of Zhejiang Province in East China . Hangzhou comprises 10 districts , 1 county-level city , and 2 counties . The ten urban districts occupy 8,292.31 km (3,201.68 sq mi) and have a population of 8,241,000, in which there are six central urban districts and four suburban districts. The central urban districts occupy 706.27 km (272.69 sq mi) and have
2208-499: Is composed of three parts, with the main regions being the Zhijiang Sci-Tech Industrial Park and Xiasha Sci-Tech Industrial Park. HHTZ has become one of the most influential high-tech innovation and high-tech industry bases in Zhejiang Province. As of 2013 , HHTZ hosts more than 1,100 software developers and BPO enterprises. Major companies such as Motorola , Nokia and Siemens have established R&D centers in
2304-425: Is considered a part of the broader term jianghu , which refers to the underworld of bandits and other elements that live outside the mainstream of Chinese society. See also [ edit ] Wuling (disambiguation) Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title Wulin . If an internal link led you here, you may wish to change
2400-469: Is contributed at each stage of production. This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above. Gross value added = gross value of output – value of intermediate consumption. Value of output = value of the total sales of goods and services plus the value of changes in the inventory. The sum of the gross value added in the various economic activities
2496-657: Is home to many types of birds. It holds a temple and several historic rural houses. The Qiandao Lake is a man-made lake with the largest number of islands in Chun'an County , under administration of the Hangzhou prefecture-level city . These islands are different in size and shape, and have distinctive scene. The Hangzhou Botanical Garden and the Hangzhou Zoo are located in the Xihu District . The native residents of Hangzhou, including those of Zhejiang and southern Jiangsu , speak
2592-404: Is known as "GDP at factor cost". GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors
2688-710: Is located in the Xiacheng District and houses several famous buildings in the city, including the Zhejiang Natural History Museum , Zhejiang Museum of Science and Technology, and the Zhejiang Global Center, one of the tallest buildings in the city center at about 160 m (520 ft). The Xixi National Wetland Park was established with the aim of preserving the wetland ecological system, it covers an area of about 10 km (4 sq mi). Fish ponds and reed beds have been restored and it
2784-522: Is located near the West Lake . Lingyin Temple (Soul's Retreat), located about 2 km (1.2 mi) west of West Lake, is believed to be the oldest Buddhist temple in the city, which has gone through numerous destruction and reconstruction cycles. Yue Fei Temple , on the northwest shore of West Lake, was originally constructed in 1221 in memory of General Yue Fei , who died due to political persecution. There
2880-587: Is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms. GDP is a product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within
2976-409: Is the capital of Zhejiang, China . It is located in the northeastern part of the province, sitting at the head of Hangzhou Bay , which separates Shanghai and Ningbo . As of 2022, the Hangzhou metropolitan area was estimated to produce a gross metropolitan product ( nominal ) of 4 trillion yuan (US$ 590 billion), making it larger than the economy of Sweden. As of the 2020 Chinese census , it had
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3072-450: Is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices". The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units". If GDP
3168-538: The Hangzhou dialect , a Wu dialect unique to the area. Hangzhou's dialect differs from those of regions in southern Zhejiang and southern Jiangsu . As the official language defined by China's central government, Mandarin is the dominant spoken language, though it is mutually unintelligible with the Hangzhou dialect. The Hangzhou dialect has an estimated total of 1.2 to 1.5 million speakers. There are several museums located in Hangzhou including China National Silk Museum ,
3264-598: The Human Development Index or Better Life Index , as better approaches to measuring the effect of the economy on human development and well being . William Petty came up with a concept of GDP, to calculate the tax burden , and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP
3360-555: The Liuhe Pagoda , located on Yuelun Hill on the north bank of Qiantang River and the Hupao Temple ( 虎跑寺 ). In 2019, Hangzhou established a pilot program artificial intelligence-based Internet Court to adjudicate disputes related to ecommerce and internet-related intellectual property claims. Parties appear before the court via videoconference and AI evaluates the evidence presented and applies relevant legal standards. Hangzhou
3456-632: The Ming dynasty . There was persecution of Christians in the early 21st century in the city. There are many temples near the West Lake. Lingyin Temple was founded in the first year of Xianhe in the Eastern Jin Dynasty (AD 326). It has a history of about 1,700 years and is the earliest famous temple in Hangzhou. Yuefei Temple , a temple constructed during the Song Dynasty in 1221 to commemorate Yue Fei ,
3552-607: The Mongol siege of Kaifeng , while sparing the city of Hangzhou including the Chinese Zhao royal family of the Southern Song . The Mongols rehired Southern Song government officials and had Han Chinese artisans in Shangdu marry the palace women. The capital of the new Yuan dynasty was established in the city of Dadu ( Beijing ), but Hangzhou remained an important commercial and administrative center for their southern territory. Yuan China
3648-637: The Yuan Mongol administrator of the city, who according to Ibn Battuta, was fond of the skills of local Chinese conjurers . The city remained an important port until the middle of the Ming dynasty era, when its harbor slowly silted up. Under the Qing , it was the site of an imperial army garrison. In 1856 and 1860, the Taiping Heavenly Kingdom occupied Hangzhou. The city was heavily damaged during its conquest, occupation, and eventual reconquest by
3744-592: The eleventh G20 summit in 2016. In February 2020, the city was under curfew measures due to the outbreak of coronavirus beginning in Wuhan that spread across China . Hangzhou is located in northwestern Zhejiang province, at the southern end of the Grand Canal of China , which runs to Beijing , in the south-central portion of the Yangtze River Delta . Its administrative area (sub-provincial city) extends west to
3840-402: The inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. GDP is often used as
3936-491: The "1" referring to the digital economy and the "6" referring to cultural/creative economy, finance, tourism, fashion manufacturing, and high-end equipment manufacturing. As of at least 2023, Hangzhou's economic growth has been led by the digital sector and the creative/cultural sectors. In March 2013 the Hangzhou Tourism Commission started an online campaign via Facebook, the 'Modern Marco Polo' campaign. Over
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4032-442: The 1208 fire which burned for 4 days in a 3-mile diameter and burnt 58,097 houses as well as killing 59 people. To combat this threat, the city constructed storage buildings that were rented out to merchants where watchmen patrolled by night and was enclosed by water on all sides. Besides this, the government established an elaborate system for fighting fires, erected watchtowers, devised a system of lantern and flag signals to identify
4128-418: The 19th city in the world with the most skyscrapers as well as the 9th in China. One of Hangzhou's most popular sights is West Lake , a UNESCO World Heritage Site . The West Lake Cultural Landscape covers an area of 3,323 ha (8,210 acres) and includes some of Hangzhou's most notable historic and scenic places. Adjacent to the lake is an area which includes historical pagodas, cultural sites, as well as
4224-548: The 2020 Hurun Global Rich List, Hangzhou ranks 11th in the world and 6th in China (after Beijing, Shanghai, Hong Kong , Shenzhen and Guangzhou ) in the number of resident billionaires. Hangzhou ranks 13th globally by scientific outputs. It hosts several notable universities , including Zhejiang , Zhejiang University of Technology , Hangzhou Normal , Hangzhou Dianzi , Zhejiang A&F , Zhejiang Sci-Tech , Zhejiang Chinese Medical , Westlake , China Jiliang and Zhejiang University of Finance and Economics . Its West Lake ,
4320-604: The Qing army. Hangzhou was ruled by the Republic of China government under the Kuomintang from 1927 to 1937. From 1937 to 1945, the city was occupied by Japan . The Kuomintang returned in 1945, and governed until 1949. On May 3, 1949, the People's Liberation Army entered Hangzhou and the city came under Chinese Communist Party (CCP) control. After Deng Xiaoping 's reformist policies began in
4416-513: The Romance of Song Dynasty. The landscapes in Hangzhou bridges stories of celebrities in Chinese history and feelings of ordinary people visiting Hangzhou with joy and enthusiasm. GDP (nominal) The ratio of GDP to the total population of the region is the GDP per capita and can approximate a concept of a standard of living . Nominal GDP does not reflect differences in the cost of living and
4512-696: The World". The world's largest tidal bore races up the Qiantang River through Hangzhou reaching up to 12 m (39 ft) in height. Hangzhou's climate is humid subtropical ( Köppen Cfa ) with four distinct seasons, characterised by long, very hot, humid summers and chilly, cloudy and drier winters, albeit with occasional snow. The mean annual temperature is 17.0 °C (62.6 °F), with monthly daily averages ranging from 5 °C (41.0 °F) in January to 29.3 °C (84.7 °F) in July. The city receives an average annual rainfall of 1,438 mm (56.6 in) and
4608-427: The accounting year. ) So for example if a car manufacturer buys auto parts , assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP. According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general,
4704-541: The area of Wulin Mountains and Wulin Lakes, Hangzhou's aliases Qiantang ( 錢唐 ) and Wulin ( 武林 ) began to appear during the Qin and Han dynasties. Hangzhou was made the seat of the prefecture of Hang in AD 589 , entitling it to a city wall which was constructed two years later. By a longstanding convention also seen in other cities like Guangzhou and Fuzhou , the city took on
4800-575: The arts, particularly of Buddhist temple architecture and artwork. The dyke built to protect the city by King Qian Liu gave the Qiantang its modern name. Hangzhou also became a cosmopolitan center, drawing scholars from throughout China and conducting diplomacy with neighboring Chinese states, and also with Japan , Goryeo , and the Khitan Liao dynasty . In 1089, another renowned poet governor Su Shi (Su Dongpo) used 200,000 workers to construct
4896-435: The city receives 1,709.4 hours of sunshine annually. and (yearend est.) As of 2023, Hangzhou had a permanent population of 12.522 million (including Xiaoshan and Yuhang), of which 10.543 million (84.2%) lived in urban areas. The encompassing metropolitan area was estimated by the OECD (Organisation for Economic Co-operation and Development) to have, as of 2010 , a population of 13.4 million, although other sources put
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#17328525430444992-540: The concept of GDP should be distinguished from the history of changes in many ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector , by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In
5088-401: The country. GDP per capita is often used as an indicator of living standards. The major advantage of GDP per capita as an indicator of the standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP every quarter, allowing trends to be seen quickly. It is measured widely in that some measure of GDP
5184-599: The dyke, making it a landmark. It is listed as one of the Seven Ancient Capitals of China . It was first the capital of the Wuyue Kingdom from 907 to 978 during the Five Dynasties and Ten Kingdoms period . Named Xifu ( 西府 ) at the time, it was one of the three great bastions of culture in southern China during the tenth century , along with Nanjing and Chengdu . Leaders of Wuyue were noted patrons of
5280-544: The end of 1978, Hangzhou took advantage of being situated in the Yangtze Delta to bolster its development. It is now one of China's most prosperous major cities. During the Cultural Revolution , Hangzhou was stage to a series of labor unrest and factional fighting known as the Hangzhou incident . Hangzhou was the third city in China to host the Asian Games after Beijing 1990 and Guangzhou 2010 . It also hosted
5376-482: The figure at over 21 million. The Hangzhou metropolitan area includes the major cities of Shaoxing , Jiaxing and Huzhou . Hangzhou has a life expectancy of 83.18 years for the city's registered population as of 2021 , one of the highest in China. In 1848, during the Qing dynasty , Hangzhou was described as the "stronghold" of Islam in China , the city containing several mosques with Arabic inscriptions. A Hui from Ningbo also told an Englishman that Hangzhou
5472-512: The headquarters of large global tech companies such as Alibaba Group , Ant Group , and NetEase , Hangzhou is known for attracting professionals and entrepreneurs who work in information technology . As of August 2023 , Hangzhou has the tenth-most Fortune Global 500 headquarters of any city in the world and the fourth-most in China ;– after Beijing , Shanghai and Shenzhen – within its city limits. According to
5568-553: The income approach. A common one is: The sum of COE , GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices. Total factor income
5664-443: The information required (especially information on expenditure and production by governments). The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money—for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by
5760-529: The large population. Arab merchants lived in Hangzhou during the Song dynasty , due to the fact that the oceangoing trade passages took precedence over land trade during this time. The Phoenix Mosque was constructed by a Persian settler in Hangzhou at this time. From 1132 until the Mongol invasion of 1276, Hangzhou remained the capital of the Southern Song dynasty and was known as Lin'an ( 臨安 ). It served as
5856-408: The largest silk museum in the world, China National Tea Museum ( 中国茶叶博物馆 ), and Zhejiang Provincial Museum , which has a collection of integrated human studies, exhibition and research with over 100,000 collected cultural relics. Many theaters in Hangzhou host opera shows such as Yue opera . There are several big shows themed with the history and culture of Hangzhou like Impression West Lake and
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#17328525430445952-510: The link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Wulin&oldid=1184539458 " Categories : Disambiguation pages Place name disambiguation pages Hidden categories: Articles containing traditional Chinese-language text Articles containing Chinese-language text Short description is different from Wikidata All article disambiguation pages All disambiguation pages Hangzhou Hangzhou
6048-532: The most celebrated poets in Chinese history such as Su Shi , Lu You , and Xin Qiji came here to live and die. Hangzhou is also the birthplace and final resting place of the scientist Shen Kuo (1031–1095 AD), his tomb being located in the Yuhang district. During the Southern Song dynasty, commercial expansion, an influx of refugees from the conquered north, and the growth of the official and military establishments, led to
6144-473: The mountainous parts of Anhui province, and east to the coastal plain near Hangzhou Bay . The city center is built around the eastern and northern sides of the West Lake, just north of the Qiantang River . The Qiantang River is the largest river in Zhejiang Province, China. Every year during August 15 to August 18 of the lunar month in China, the Qiantang Tide occurs. It is called "the Biggest Tide in
6240-453: The name of the area it administered and became known as Hangzhou. Hangzhou was at the southern end of China's Grand Canal which extends to Beijing. The canal evolved over centuries but reached its full length by 609. In the Tang dynasty , Bai Juyi , a renowned poet, was appointed governor of Hangzhou. He noticed that the farmland nearby depended on the water of West Lake , but due to negligence
6336-529: The natural environment of the lake and hills, including Phoenix Mountain . There are two causeways across the lake. The west of the lake contains Dreaming of the Tiger Spring , popular for longjing tea fields. The parts of the Grand Canal in Hangzhou, also a World Heritage Site was built in 610 AD. The core historical sites are accessible by Hangzhou Metro Line 5 's The Grand Canal station or East Gongchen Bridge station . The West Lake Cultural Square
6432-422: The next year nearly 26,000 participants applied from around the globe, in the hopes of becoming Hangzhou's first foreign tourism ambassador. In a press conference in Hangzhou on 20 May 2014, Liam Bates was announced as the successful winner and won a $ 55,000 contract, being the first foreigner ever to be appointed by China's government in such an official role. Hangzhou Economic and Technological Development Zone
6528-459: The old dyke had collapsed, and the lake so dried out that the local farmers were suffering from severe drought . He ordered the construction of a stronger and taller dyke, with a dam to control the flow of water, mitigating the drought problem. The livelihood of local people of Hangzhou improved over the following years. Bai Juyi used his leisure time to enjoy the West Lake, visiting it almost daily. He then had willows and other trees planted along
6624-640: The original home of the Kaifeng Jewish community . There was formerly a Jewish synagogue in Ningbo, as well as one in Hangzhou, but no traces of them are now discoverable, and the only Jews known to exist in China were in Kaifeng. Two of the Three Pillars of Chinese Catholicism were from Hangzhou. The Immaculate Conception Cathedral of Hangzhou is one of the oldest Catholic churches in China, dating back 400 years to
6720-506: The palace walls. The city walls were built with tamped earth and stone and was 30 feet high and 10 feet thick at its base. There were 13 gates and several towers on the walls. The walls covered the city by four miles north to south and only one mile east to west. According to the Italian explorer Odoric of Pordenone , Hangzhou was the greatest city in the world. It was heavily populated and filled with large family estates. It had 12,000 bridges. Bread, pork, rice, and wine were abundant despite
6816-415: The population is the Per capita income . The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund , European Union , Organisation for Economic Co-operation and Development , United Nations and World Bank . The publication is normally referred to as SNA2008 to distinguish it from
6912-430: The previous edition published in 1993 (SNA93) or 1968 (called SNA68) SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to
7008-503: The products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Also known as the Value Added Approach, it calculates how much value
7104-431: The provincial capitals after Guangzhou. The city has more than tripled its GDP since then, increasing from RMB 156.8 billion in 2001 to RMB 1.3509 trillion in 2018 and GDP per capita increasing from US$ 3,020 to $ 21,184. As of 2019, the Hangzhou metropolitan area was estimated to produce a gross metropolitan product ( nominal ) of 3.2 trillion yuan ($ 486.53 billion), making it larger than the economies of Argentina, with
7200-445: The ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $ 100 million and its GDP in 2000 was $ 300 million . Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as
7296-573: The rest of the world minus income payments to the rest of the world. In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts . Another example that amplifies the difference between GDP and GNI is the comparison of developed and developing country indicators. The GDP of Japan for 2020
7392-408: The same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy. The most direct of the three is the production approach, which sums up the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of
7488-464: The seat of the imperial government, a center of trade and entertainment, and the nexus of the main branches of the civil service . During that time the city was a gravitational center of Chinese civilization as what used to be considered "central China" in the north was taken by the Jin , an ethnic minority dynasty ruled by Jurchens . Numerous philosophers, politicians, and men of literature, including some of
7584-401: The source data for the expenditures components are considered more reliable than those for the income components [see income method, above]." Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference
7680-519: The source of the flames and direct the response, and charged more than 3,000 soldiers with the task of putting out fire. Hangzhou was besieged and captured by the advancing Mongol armies of Kublai Khan in 1276, three years before the final collapse of the Southern Song. Historian Patricia Buckley Ebrey noted that the Mongol Yuan dynasty killed the Jurchen Wanyan royal family by the hundreds in
7776-792: The tenth-most Fortune Global 500 headquarters of any city in the world and the fourth-most in China – after Beijing, Shanghai and Shenzhen – within its city limits. Hangzhou is the headquarters of several technology companies including Alibaba Group , NetEase , Ant Group , Geely , and HikVision . As a result of its internet industry, many programmers from other cities such as Shanghai or Beijing have come to Hangzhou. The city has developed many new industries, including medicine, information technology, heavy equipment, automotive components, household electrical appliances, electronics, telecommunication, fine chemicals, chemical fibre and food processing. The city describes its important industries as "1 + 6" industrial clusters, with
7872-536: The total expenditure used to buy things is a way of measuring production. This is known as the expenditure method of calculating GDP. GDP (Y) is the sum of consumption (C) , investment (I) , government expenditures (G) and net exports (X − M) . Here is a description of each GDP component: C , I , and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within
7968-473: The words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework." China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system. GDP can be determined in three ways, all of which should, theoretically, give
8064-523: The zone. In 2011, the GDP of the zone rose by 13.1 percent, amounting to RMB 41.63 billion. This accounted for 5.9 percent of Hangzhou's total GDP. The HHTZ positions itself as the "Silicon Valley" of China. The Alibaba Group is headquartered in the zone. Although Hangzhou has been through many recent urban developments, it still retains its historical and cultural heritage and natural environment. Today, tourism remains an important factor for Hangzhou's economy. Hangzhou has numerous skyscrapers , making it
8160-405: Was "the biggest city I have ever seen on the face of the earth." He visited Hangzhou in 1345 and noted its charm and described how the city sat on a beautiful lake and was surrounded by gentle green hills. He was particularly impressed by the large number of well-crafted and well-painted Chinese wooden ships with colored sails and silk awnings in the canals. He attended a banquet held by Qurtai,
8256-611: Was also ranked first in the China Emerging City Rankings of the Economist Intelligence Unit , which assesses Chinese cities growth potential, in both 2021 and 2022. Hangzhou ranks 11th in the world and 6th in China (after Beijing , Shanghai , Hong Kong , Shenzhen and Guangzhou ) in terms of the number of billionaires according to the Hurun Global Rich List 2020. As of August 2023, Hangzhou has
8352-586: Was captured by the Jurchens in the Jingkang Incident of 1127. Emperor Gaozong moved to Nanjing, then to modern Shangqiu , then to Yangzhou in 1128, and finally to Hangzhou in 1129. Once the prospect of retaking northern China had diminished, buildings in Hangzhou were extended and renovated to become a permanent imperial capital. The imperial palace in Hangzhou, modest in size, was expanded in 1133 with new roofed alleyways, and in 1148 with an extension of
8448-553: Was during this time that rice was first cultivated in southeast China. Excavations have established that the jade -carving Liangzhu culture (named for its type site just northwest of Hangzhou) inhabited the area immediately around the present city around five thousand years ago. The first of Hangzhou's present neighborhoods to appear in written records was Yuhang , which probably preserves an old Baiyue name. In 222 BC, Emperor Qin Shi Huang established Qiantang County, located in
8544-515: Was established and approved as a national development zone by the State Council in 1993. It covers an area of 104.7 km (40.4 sq mi). Encouraged industries include electronic information, biological medicine, machinery and household appliances manufacturing, and food processing. Hangzhou Export Processing Zone was established on April 27, 2000, upon approval of the State Council. It
8640-427: Was established. Hangzhou's economy has rapidly developed since its opening up in 1992. It is an industrial city with many diverse sectors such as light industry, agriculture, and textiles. It is considered an important manufacturing base and logistics hub for coastal China. Additionally, the city is an e-commerce and technology hub. The 2001 GDP of Hangzhou was RMB 156.8 billion, which ranked second among all of
8736-441: Was established. On March 12, 2001, Xiaoshan and Yuhang, formerly two county-level cities under the administration of Hangzhou prefecture-level city , were re-organized as two districts. On December 13, 2014, and in July 2017, Fuyang and Lin'an, formerly two county-level cities under the administration of Hangzhou prefecture-level city , were re-organized as two districts. On April 9, 2021, Linping District and Qiantang District
8832-483: Was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms ). After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by
8928-421: Was one of the first zones and the only one in Zhejiang Province to be approved by the government. Its total planned area is 2.92 km (1.13 sq mi). It is located close to Hangzhou Xiaoshan International Airport and Hangzhou Port. Hangzhou Hi-Tech Industrial Development Zone was set up with approval from the State Council as a state-level high-tech Industrial Development Zone in March 1991. The HHTZ
9024-519: Was so enormous that no man could form a just estimate thereof". Polo's account greatly exaggerates the city's size, although it has been argued that the "hundred miles" of walls would be plausible if Chinese miles were intended instead of Italian ones and that the "12,000 stone bridges" might have been a copyist error born from the city's 12 gates. In the 14th century, the Moroccan traveler Ibn Battuta arrived; his later account concurred that al-Khansā
9120-514: Was the "stronghold" of Islam in Zhejiang province, containing multiple mosques, compared to his small congregation of around 30 families in Ningbo for his mosque. Within the city of Hangzhou are two notable mosques: New Hangzhou Great Mosque and the Phoenix Mosque . As late as the latter part of the 16th and early 17th centuries, the city was an important center of Chinese Jewry , and may have been
9216-445: Was very open to foreign visitors, and several returned west describing Hangzhou—under the names Khinzai , Campsay , etc. —as one of the foremost cities in the world. The Venetian merchant Marco Polo supposedly visited Hangzhou in the late 13th century. In his book , he records that the city was "greater than any in the world" and that "the number and wealth of the merchants, and the amount of goods that passed through their hands,
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