HANGZHOU -- The eastern Chinese city of Hangzhou, host of next year's Group of Twenty (G20) summit, is ready to enchant world's leaders with its idyllic beauty and rich cultural heritage.

While addressing a working lunch on Monday at the recently concluded 10th G20 summit in Turkey, President Xi Jinping announced that China will host the 2016 G20 summit in Hangzhou, Zhejiang Province, on Sept. 4-5.

Xi cited the old Chinese saying "Heaven above, Suzhou and Hangzhou below" which dotes on the city's scenic beauty.

Hangzhou is both a famous historical and cultural city as well as a hub of innovation and vitality. The 2016 summit will demonstrate a unique charm featuring a fusion of history and reality, Xi said.

Hangzhou resident Yu Yan was thrilled upon the news. "Last night my friends were forwarding the information on social networks such as Wechat and Weibo. It is so exciting to know that the city I have lived in for so many years will host such a high-level meeting."

Sitting on China's affluent east coast, the ancient capital city boasts a history of over 2,000 years. Best known for its scenic West Lake, Hangzhou has been a favored tourist destination throughout history with natural beauty and culture. Its been immortalized by poets and artists and was appointed "the most splendid city in the world" by Marco Polo eight centuries ago.

Beside picturesque scenery, Hangzhou and Zhejiang Province are also an exemplary place to see modern China, as its robust privately owned businesses have been a bell-weather for China's private economy.

Since ancient times, Zhejiang people have been well-known for their business instinct and spirit of adventure. The entrepreneurial legacy has bred a series of modern day business legends there.