In 1999, a group of imaginative young people sat in a private house in the lakeside garden of Hangzhou, talking about their dreams about the Internet. That year, the establishment of Alibaba marked the beginning of its story with Hangzhou.
In March of that year, Jack Ma and his team of 18 returned to Hangzhou to start a business with 500,000 yuan and developed the Alibaba website. Alibaba means "Open Sesame", implying that their e-commerce platform opens the door to wealth for small businesses. Twenty years after the implementation of reform and opening up, Hangzhou's looser policy environment, excellent entrepreneurial genes and open and inclusive urban characteristics have provided fertile ground for the birth and growth of Alibaba. In less than 20 years, Alibaba has grown into a world-class company, building the world's largest e-commerce platform with an annual transaction volume of several trillion yuan.
Within just 20 years, Alibaba, established by Jack Ma, not only has developed into an undoubted technology giant in China, but also has changed Hangzhou, the city that gave birth to it. The former US President Richard Nixon once evaluated Hangzhou: "Beautiful West Lake, Dilapidated City". However, thanks to the advancement of science and technology, the city has long been continuously iterative and transformed into China's digital economy highland and the national e-commerce capital. Hangzhou has attracted countless startups and teams like Alibaba, encouraging them to breed and grow there. In addition, Alibaba has promoted the transformation of Hangzhou's industrial structure whose added value of the core digital industry has greatly increased. The rapid development of Alibaba has also enhanced the international reputation of Hangzhou, and brought it great attraction to overseas talents as well as driving force to the Internet Plus Innovation and Entrepreneurship Center which has global influence.
Nowadays, more and more companies are following the pace of Alibaba and injecting a steady stream of innovative vitality to the city, which also vividly interprets the tremendous incubation power of our country's reform and opening up.
数字经济高地：digital economy highland
全国电子商务之都：national e-commerce capital
数字经济核心产业：core digital industry
创新创业中心：Internet Innovation and Entrepreneurship Center