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Zhejiang Gongshang University was founded in 1911 as Hangzhou Vocational Business School. It is considered China’s oldest business school and takes its current name from Zhejiang, the Eastern China province where it is based, and a word for industry and business. It adopted its current name in 2004.

The university focuses teaching and research in the fields of social science. Colleges and departments include business administration, economics, finance, statistics and maths, tourism and law among many others. There are 17 colleges at the university in total.

The original downtown campus still hosts several departments and the university press, which in 2012 published the Complete Works of Dickens presented as state gift at the London Book Fair.

The Xiasha campus, a 280 acre site in Xiasha University Town, is where much of the university's activities take place while the Tonglu campus hosts the Hangchow College of Commerce.

Some of the courses are taught in English such as finance, accounting, international business, and computer science and technology among others. There is also a Chinese language course, that international students can take to improve their Chinese language skills.

More than 200 international partnership agreements have created bodies like L’Alliance Francaise de Hangzhou, set up in 2008, the Sussex Alternative Intelligence Institute and courses such as a dual degree in supply chain management with the University of Sharjah.