Beijing named world's best tech city

Beijing was named the world's top technology hub in 2017 by Expert Market, a U.S.-based business resource company.

According to the Top Tech Cities in the World 2017 report released by the company, Beijing takes the top spot due to its favorable climate for early-stage funding and affordable cost of living. It ranks second in attracting early-stage investors, right after the world's high-tech mecca Silicon Valley.

Researchers at Expert Market gauged a number of factors, such as the average salaries for software engineers, how long it takes to get a business up and running, cost of living and monthly rent prices, growth index, startup output and related services.

"The ranking shows the fast development of Beijing and Zhongguancun," said Zhai Lixin, director of the Administration Committee of the Zhongguancun Science Park. "But we know well that we are still lagging behind in many aspects, and we need to accelerate the pace of building the Zhongguancun Science Park."

AI the next big thing

Considered as the driving force of the world's next technological revolution, AI has now become a superior industry in Zhongguancun, which is home to 42.9 percent of China's AI startups.

A series of AI-themed activities, initiated by the Zhongguancun Science Park along with leading AI companies in the park, are taking place through January 2018.

Zhai said more efforts will be made to boost emerging industries such as AI, big data, integrated circuit, and bio-medicine. In the near future, the science park aims at forming two to three industrial clusters with technological dominance, meanwhile fostering a number of world-renowned brands and leading enterprises, he said.

Attracting top talent

A service window for foreign talents opened at the Zhongguancun Innovation Avenue in September to offer one-stop service for foreign professionals who want to start businesses in Beijing, helping them with exit and entry inquiries, enterprise registrations, intellectual property protection, legal consultation, investment and fundraising.

Zhongguancun also aims to strengthen the transformation of science and technology achievements from theory to application. The park will see more industrialization of cutting-edge technology and offer R&D subsidies to small and medium-sized enterprises.