Intel injects new investments to eight Chinese startups in the robotics, data and cloud sectors. (Photo : Reuters)
With efforts from the local government, the Zhongguancun District in Beijing is slowly becoming the leading technological hub in China.
According to a recent report by Caixin Weekly, there has been a massive influx of startup companies establishing their roots in the Zhongguancun District of Beijing.
With Inno Way, a 200-meter street in the district, now open to startup investors, the area is quickly gaining prominence as China's Silicon Valley.
Haidian District, where Zhongguancun is located, has been reported to have spent approximately 200 million yuan to institute policy changes as well as to acquire and renovate properties to accomodate the booming population of business people in the area.
Aside from the hefty investments of the local government, a stride to make government business licensing transactions more efficient has also been instigated.
Many inventors who have resided in the area, working in incubator services, have seen the rapid transformation of Zhongguancun to the technological hub it is at present.
Most people come to Inno Way to find a circle, said Qin Jin, president of TITH Holdings, a company operating in Inno way.
Several inventors like Liu Huanquing, who has been developing a 3D museum, agree with Qin in supporting the brimming circles of technlogical inventors that are forming in the district. According to Liu, circles provide not only resources but also avenue to escape the loneliness of starting a business.
Others like Thomas Luo, founder of tech news website PingWest, has been seen to move from Inno way. He has been reported to express concern for startups losing their identity in the close-knit circle that forms in the district of Zhongguancun.
