Provincial capital Hangzhou is home to Alibaba and start-ups DeepSeek, Unitree, Deep Robotics, Game Science, BrainCo and Manycore.
Venture capital funds are flocking to China's Zhejiang province, which became the largest recipient of venture capital funding in 2024 due to its push to become a major hi-tech hub. 41 new corporate venture capital funds registered in Zhejiang last year, the most among 18 mainland provinces. This is driven by favorable government policies in cities like Hangzhou, home to Alibaba and numerous start-ups, despite China's economic challenges.
