Chaoyang looks to become incubator for start-ups

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As part of Beijing's efforts to become the national center of science and technology, the newly established Zhongguancun Chaoyang International Venture Capital Agglomeration Area is planning to attract internationally renowned venture capital institutions, and foster a number of businesses with global influence and industrial leaders over the next three to five years. 

Wen Xian, director of Chaoyang district, said there are already 3,500 national high-tech enterprises in the area, accounting for 14 percent of the city's total; there are 58 venture capital institutions in the top 100 nationwide in the area; and there are 122 multinational companies and regional headquarters in the area. 

Wen added that those companies have laid a solid foundation for the future development of the area. 

Li Changping, deputy director of Chaoyang district, said the area will establish a pilot zone in Dawangjing, and dozens of prestigious venture capital institutions and start-up funds have shown interest in taking part. 

The area will furnish those tenants with favorable policies covering investment services, venture capital rewards, industrial development, IPO incentives, and the recruitment of professionals. For instance, those tenants will be given maximum rent subsidies to help lower their operation cost, and top-notch professionals will be provided with affordable housing. 

According to reports, the area will offer professional services to tenants to attract more international headquarters and innovation resources. With good policies and an innovated industrial mode, the area is looking to appeal to more high-level professionals and promote innovations.

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