Photo taken on Nov. 22, 2020 shows the venue of the Light of Internet Expo of the 2020 World Internet Conference (WIC) in Wuzhen, east China's Zhejiang Province. Opening here on Sunday, the expo focuses on the world's most recent internet development trends and cutting-edge technologies, showcasing the latest internet technologies, achievements, products and applications of 130 enterprises and institutions from home and abroad. (Xinhua/Huang Zongzhi)

 Beijing has formally launched an international venture capital cluster in partnership with two municipal districts, aiming to transform the city into a hub for international venture capital.

The cluster, which was launched at a recent summit meeting, has welcomed 21 venture capital projects and three agencies, including institutional investors Hillhouse and Sequoia. It will provide one-stop services for innovation financial enterprises with the aim of cultivating new and innovative projects which benefit the city. 

Beijing's Chaoyang district and the Zhongguancun management committee began forward planning for the cluster project as early as June last year, developing a base for a group of internationally renowned venture capital institutions in addition to incubating globally recognized firms in a bid to form a technological innovation cluster.

High-tech companies in northwestern Beijing's Zhongguancun, better known as China's Silicon Valley, are spearheading innovation as the country continues to advance an agenda of high-quality development.

China's central authorities have reiterated the core position scientific innovation holds in the country's march toward modernization and prosperity in a recently released blueprint for development through 2035.

Global Times