An aerial view of Hangzhou Future Sci-Tech City. [Photo/zjol.com.cn]

Over the past decade, the average yearly business revenue of companies at the Hangzhou Future Sci-Tech City grew by nearly 50 percent, local media reported on Dec 13.

Back in 2011, the average yearly business revenue was only 20.3 billion yuan ($3.19 billion). Last year, the figure was 727.4 billion yuan. In the first 10 months of this year, the figure grew to 656.1 billion yuan, a year-on-year increase of over 22 percent.

From e-commerce to software to artificial intelligence to block chain and 5G technologies, the city has been on the forefront of Zhejiang's technology innovation, said local authorities.

Currently, the four leading industries at Hangzhou Future Sci-Tech City are digital economy, biological economy, intelligent manufacturing and sci-tech finance.

The city has assembled leading companies including the well-known Alibaba and CETC. The number of companies presently registered in the city stands at more than 34,000.

More than 90 percent of companies in the city are small and medium-sized ones, and 2,319 of them are high-tech companies recognized by the local government. Fifteen companies in the city are listed firms, three of which went public this year.