Northwestern Beijing's Yanqing district set up its first innovation and technology fund of 200 million yuan (US$28.6 million) on Dec. 27 to back more than ten industries including Technology, Media, Telecom (TMT), advanced manufacturing, new material and medical equipment as well as local industries involving modern horticulture, ice and snow sports, new energy and energy Internet and drone manufacturing.

The fund will focus on science and technical innovation, transformation of scientific and technological achievements, and create a cluster of certain industries. It will serve projects not only based in Yanqing, but also in the Beijing-Tianjin-Hebei region so as to achieve its own scientific-result transformation.

The new fund is jointly launched by Beijing Small and Medium-sized Enterprise Venture Investment Guiding Fund, the Yanqing district government and TusStar, a business incubator company. 

Yanqing Park of Zhongguancun National Innovation Demonstration Zone increased its support funding for innovation and start-ups from 30 million to 60 million yuan in 2019. In addition, it released top designs for high-end industries and its four local industries and favorable land and talent policies. 

Located in northeastern Beijing, Zhongguancun is a technology hub known as "China’s Silicon Valley". Yanqing Park was founded in October 2012.

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