what is best and economical travel option from Hangzhou to hong kong or macau or shangai?

Hey, from HZ to Shanghai, train is the best choice. You can take high speed train from HZ East Station to Shanghai Hongqiao. The ticket price for first class seat is CNY147.5, for second class seat is 92.5. It takes only an hour to reach.
To Hong Kong and Macau, there is no direct train. So if by train, you need one or several transfers. However, flight would be more comfortable and time-saving, and also convenient. So you’re suggested to go to Hong Kong or Macau by flight.