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New innovation wave excites Beijing’s ‘Silicon Valley’

Updated: Oct 12,2015 2:45 PM

Zhongguancun, a high-tech area in Beijing’s Haidian district and home to dozens of universities and enterprises, is envisioning its latest round of innovation as an entrepreneurs’ fair opened on Oct 11 and plans were issued to massively lengthen its centerpiece tech thoroughfare, Inno Way.

The plan follows hot on the heels of Inno Way, a 200-meter long street, being transformed into a business incubation center last year. Since then, more than 1,200 events to help start-up businesses find funds, expertise and service providers have been held.

The transformation has been a huge success and Inno Way has seen more than 600 innovation teams start up and evolve and 350 of them have attracted investment of about 1.75 billion yuan. More than 100 institutions located there provide services for startup businesses. Didi Kuaidi, a leading mobile car-hailing platform, is one of the enterprises that was formed and prospered in the area.

On Oct 11, local authorities announced a decision to expand the street into an avenue more than 7 kilometers long, according to a report by People’s Daily. The report said the upgraded Inno Way will start from Baishiqiao, an area near Beijing’s western Third Ring Road, and stretch all the way to Peking University in the north of the city.

The upgraded Inno Way will, by integrating existing infrastructure and research facilities, attract more companies in high-tech, finance and cultural creativity, the report said.

The 20-day Entrepreneurs’ Fair will hold more than 30 events related to entrepreneurship and innovation.