Beijing's Zhongguancun sees boom of high-tech start-ups

The year 2014 witnessed 13,000 high-tech start-ups in Zhongguancun, Beijing's technology hub, 3.6 times more than that in 2010, a Zhongguancun official briefed on Monday.

Guo Hong, administrative head of Zhongguancun Science Park, was participating in a national televised conference on high-tech parks held by the Ministry of Science and Technology.

Guo estimated, corporate in the science park generated a total revenue of more than 3.5 trillion yuan (560 billion U.S. dollars) in 2014.

One company, Xiaomi, for instance, announced on Monday that its market value was estimated at 45 billion U.S. dollars after it completed the latest round of fund raising.

Xiaomi, a smart phone manufacturer, was founded in April 2010 in Zhongguancun, and its first smart phone debuted in August, 2011.

Guo said Zhongguancun was on its way to becoming a globally significant innovation hub by 2020.

Since 2010, China has experimented with policies promoting scientific and technological innovation in Zhongguancun. Six Zhongguancun policies are to be rolled out to the rest of country, including rules on research funds and equity financing.

China has six national innovation demonstration zones and plans for more.