An aerial view of Binjiang district in Hangzhou, Zhejiang province. [Photo/hangzhou.com.cn]

Hangzhou, East China’s Zhejiang province, will be investing 50 billion yuan ($7.76 billion) over the next five years in supporting the technological and industrial innovation of private companies, local media reported.

According to statistics from the Hangzhou science and technology bureau, Hangzhou is now home to 7,711 national high-tech companies and 14,576 provincial small and medium-sized companies.

In 2020, SMEs in Hangzhou received a combined revenue of 3.69 trillion yuan, up by 4.3 percent year-on-year.

The statistics released by the Hangzhou social security bureau showed that in the first half of this year, Hangzhou introduced 275,600 college students below the age of 35 to work in the city.

To date, a total of 6,292 companies have been founded by college students who graduated less than five years ago, creating 8,699 new jobs.

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