I've seen the future of China, or at least one possible outcome, and it's looking pretty good for all you executives out there salivating over the potential buying power of the world's most populous nation.

I have just left the southern city of Hangzhou, Zhejiang Province, which may not be as flashy as Shanghai or as powerful as Beijing, but it does have one thing companies love-people able and willing to spend money.

The city is undergoing a mini-Renaissance at the moment. Along the shores of one of China's most famous lakes-Xi Hu, or West Lake-an influx of Hong Kong money is transforming a mundane commercial district into a high-rent, glitzy mixture of chic restaurants, cafes, boutique shopping and, eventually, some lake-view housing.

After work, and on weekends, Hangzhou's freshly minted middle class strolls through the vast, new outdoor shopping center-called Xi Hu Tian Di, after Shanghai's famous consumer mecca Xin Tian Di-exploring the refurbished, Chinese-style architecture and spending money in the high-end shops and eateries.

In contrast to the poor, agrarian culture that lingers just outside Hangzhou, BMWs, Audis, Porsches and the occasional Ferrari cruise many of the city's tree-lined streets. And on the outskirts of town, executives can chitchat over 18 holes-at least, those who can afford the $80,000 or higher lifetime membership fee.

"Zhejiang has the highest number of people on the Forbes list of the 50 richest people in China," notes Justin Mallen, a 10-year city resident and CEO of SRT Technologies, an independent data center.

Some say that Hangzhou has the potential to be a mini-Silicon Valley because of its good universities, access to capital and increasing presence of electronics companies, such as telecom equipment maker UT Starcom, IC designer Silan Microelectronics and foreign firms like Nokia and Toshiba, which do assembly work here.

For multinationals, it will take time before Hangzhou can overtake the convenience and allure of Shanghai or the cluster effect of Shenzhen. Still, the quality of life is reasonably high, and West Lake and the surrounding mountains provide a much-needed escape to the often frenetic pace of China.

Easily one of the city's greatest liabilities is its taxi drivers. They drive like maniacs-too willing to run down an old lady to shave a few seconds off a trip. I'm on my way to the airport with a guy who thinks he's on the autobahn. I think I'm going to die. If you read this column, then the chances are good that I made it.

Taiwan bureau chief Mike Clendenin can be reached at mclenden@cmp.com.