Over 400 Chinese business representatives (10 percent of which are from Zhejiang province) will attend this year's B20 summit in Hangzhou, alongside the G20 summit from Sept 4 -5.

Zhejiang leads the way among China's provinces and regions in terms of trade growth. Its strong consumption needs and well-built e-commerce platforms make it possible for Zhejiang to engage in global purchases and sales.

In a new round of global acquisitions, Zhejiang's capital of Hangzhou appeared as a reinvigorated business force. The city is already home to one-third of China's top 500 private enterprises.

Hangzhou has been made famous by the likes of Jack Ma, who set up Alibaba Group there only a few decades ago. Three of local entrepreneurs talk about Hangzhou's magic and its power to boost China's economy and culture:

Jack Ma: Hangzhou has a great culture of fighting for the future

Jack Ma, chairman of Alibaba Group, one of the world’s largest e-commerce groups. [Photo/ zjol.com]

After being asked in a G20 promotional advert why Alibaba is not based in Beijing or Shanghai, Jack Ma said it was not because the city is his hometown that he is based there.“The city has a spirit of entrepreneurship and is so friendly to private sectors. People here are well-educated,” he said.

"In our city, we like entrepreneurship. People build things from nothing and we have a great culture of fighting for the future," Ma said.

Private enterprises can be found in plentiful numbers across Zhejiang province. By the end of June last year, market entities in the province had amassed to 4.41 million. The number of enterprises had reached 1.35 million, with 1.20 million private ones. Private enterprises made up 88.9 percent of the total, ranking first in China, according to data from the Zhejiang Administration Bureau for Industry and Commerce.

"Because of G20 and B20, I want Hangzhou to be a friendlier city to the world. People coming here bring new ideas and benefit from this culture and understand China better," Ma added.

TianNing: Hangzhou is the next Silicon Valley

Tian Ning, founder of Panshi Affiliate Marketing Platform, a marketing service for small and medium-sized enterprises. [Photo/ zjol.com]

Tian Ning founded Panshi in 1999 when he was a junior student at Zhejiang University. Fast forward 20 years and Panshi has grown into a leading affiliate marketing services.

The company has changed dramatically in that time, changing from its business model of selling computer hardware to what is now the Panshi Affiliate Marketing Platform –a marketing service for small and medium-sized enterprises.

Tian describes Hangzhou as having a profound history, nice cultural environment, active market economy and strong sense of science and technology.

The city is a hotbed for Internet-based small and medium-sized enterprises that constantly adapt and update to changes in technology, according to Tian.

In the past five years, Zhejiang's information economy has brought in more than 5.8 trillion yuan ($869.56 billion) and contributed hugely to Zhejiang's economic restructuring.

Tian anticipates Hangzhou to become to be the next Silicon Valley and expects the city to become increasingly international. He added that he looks forward to opportunities of communication and cooperation with global enterprises during the upcoming B20 and G20 summits.

Tu Hongyan: Respect the culture, keep innovating

Tu Hongyan, president of Wensli Group, one of the best trademarks in the silk industry. [Photo/ zjol.com]

Wensli is one of the first trademarks to be established in the silk industry and is among the most famous. The group's president, Tu Hongyan believes the development of Wensli is based on the long history of Hangzhou's silk culture.

Tu commented on the balance between the cultures that have inspired generations and powerful sprit of innovation. Noting the juxtaposition between ancient culture and modern innovation, she said the beauty of West Lake lies in its accumulation of culture, while the beauty of Qianjiang New Town lies in its innovation of mobile internet.

According to the Hangzhou Bureau of Statistics, Hangzhou’s GDP in the first half year in 2016 was 502.11 billion yuan. This accounted for a year-on-year growth rate of 10.8 percent, the fastest among sub-provincial cities.

Equal emphasis on culture and innovation helps maintain  Hangzhou's vitality, according to Tu. It enlightens Wensli as well.