The regional GDP of Guangzhou, the capital of Guangdong province, surpassed 2 trillion yuan ($308.9 billion) in 2017, mainly driven by fast rapid development of hi-tech and emerging business, according to the city mayor.

“Construction of a number of key projects, expansion of trade in the overseas market and rapid development of high and new technology business have boosted the city’s economic development,” said Wen Guohui, mayor of Guangzhou.

In a government work report to the local legislature meeting, which opened on Monday, Wen said the city had increased investment in technology research and development, which played an increased role of driving the local economic growth.

The city had made great efforts to develop new businesses in innovation and technology, with development of more than 4,000 new hi-tech companies in 2017, according to Wen.

Guangzhou’s economy was expected to grow by more than 7 percent year-on-year to 2.15 trillion yuan in 2017, according to Wen.

In the trade area, the city’s import and export grew year-on-year by 12 percent to 960 billion yuan in 2017.

Guangzhou, the host city of the Fortune Global Forum in 2017, has introduced a strategic plan to develop emerging industries including the new generation of information technology, artificial intelligence and biological medicine, or IAB, and new energy and materials, or NEM.