A 200-meter long street in Zhongguancun has become a hotbed for innovation and start-up businesses after two years of development. The 7.2-kilometer Zhongguancun street will be transformed into an open innovation and start-up business block through crowd funding and integrating local resources. Ultimately, it aims to gather together leading technology companies, national scientific institutes, science and technology financial service providers, and start-up business support organizations.
Upgrade Beijing’s innovation and start-up business image
In 2015, the number of listed scientific and technological companies reached 300 in Beijing, with 4.8 trillion yuan in market value. They have become a force to be reckoned with, even in a global context.
Zhongguancun demonstration zone's economic position is rising. Its added value now accounts for roughly 25 percent of GDP in Beijing. The figure was 18.5 percent in 2010.
The street has gathered talents, capital and space needed by innovative start-up businesses. In 2015, a total of 140-billion-yuan in venture capital was placed in Zhongguancun. The national figure for venture capital was 400 billion yuan.
Individual business owners to form creative block
Beijing Zhongguancun Street Operation and Management Co was founded in early April. The company will transform the image of Zhongguancun street, make use of land and commercial space and turn the street into a science and technology site.
"Unlike the situation with a new park, Zhongguancun street was already built. It can't be torn down and started over again," said an official with the company.
