A bird's-eye view of Binjiang district, Hangzhou. [Photo/hangzhou.com.cn]

Hangzhou's development and reform commission announced an upgrade on July 5 to its Headquarters Economy 22 Policies to further promote high-quality development in the sector. The new policies, effective immediately, aim to solidify Hangzhou's position as a leading center for headquarters economy.

In 2023, Hangzhou recognized 468 headquarters enterprises, with 60 achieving three-star status. The city has awarded 120 million yuan ($16.7 million) in rewards, allocated 1,879 talent recognition slots, and offered 298 mu (20 hectares) of land for headquarters projects.

The policy update responds to business feedback by expanding the range of eligible listed companies and including new sectors. It also increases the quota for top-rated headquarters from 60 to 100, with 20 five-star, 30 four-star, and 50 three-star slots available this year.

The night view of Hangzhou. [Photo/hangzhou.com.cn]