Qianjiang New Town in Jianggan district, Hangzhou [Photo provided to chinadaily.com.cn]

Jianggan district of Hangzhou, Zhejiang province, is maintaining a brisk growth momentum as it reaches for new heights.

A long-awaited 100-billion-yuan ($15 billion) investment fund was launched in June. Based in Qiangjiang New Town, the fund was initiated by China's leading insurance conglomerate, China Taiping Insurance, and the Zhejiang government in a bid to support key transportation infrastructure projects in Zhejiang.

Qiangjiang New Town, the city's central business district, is in Jianggan district and has gradually become a cluster of financial and service industries, accommodating 45 headquarters of banks, securities traders and insurance companies.

Relying on its unique location by the Qiangtang River, Hangzhou city is working to develop the new town into a high-profile financial center like Shanghai's Pudong New Area by the Huangpujiang River.

In order to attract more competitive companies, an enterprise development service center was set up in 2012, with some 70 employees providing a wide range of services like industrial development, labor security and cultural construction for over 6,247 companies in the area.

Another booming center, Qiantang Smart City, is showing off its strength in the intelligent manufacturing industry.

One of the role models is Otis Electric, a world-leading US-based manufacturer of elevators and escalators.

The fully automatic production lines have dramatically reduced cost and raised efficiency.

"We don't need a warehouse. We can ship an elevator every 3.5 minutes and an escalator every 12 minutes," said Zhu Kangzheng, president of Otis Electric.

A group of intelligent manufacturing companies like Otis contributed an output value of 12 billion yuan last year, accounting for 80 percent of the smart city's total.