This Day, That Year: Oct 9

Editor's note: This year marks the 70th anniversary of the founding of New China.

In October 1980, Chen Chunxian, a researcher at the Chinese Academy of Sciences, founded a technological development service department as part of the Beijing Society of Plasma Physics in the capital's Zhongguancun tech hub, making it the area's first civilian-run scientific and technological institution of its kind.

The area has since developed into a hub for high-tech entrepreneurs and innovators, amid measures by the authorities to build a national center of innovation. Close to China's top universities and national academies, Beijing's so-called Silicon Valley emerged as a small market for electronic components and devices for technicians and researchers.

In 1988, the State Council approved the establishment of a new technology development pilot zone in Zhongguancun to support the drive, as seen in this item from China Daily. Preferential measures were offered, such as lower taxes and financial support.

In 2009, Zhongguancun was approved as the first national demonstration area for innovation.

Over the years, more government measures have been introduced to encourage entrepreneurship and innovation.

Zhongguancun set up an angel capital guiding fund in 2011, helping to start 17 funds with major investors.

By the end of last year, the number of high-tech businesses in the area had hit more than 22,000, with about 340 of them listed, official statistics showed.

A total of 70 unicorn companies, which are startups valued at more than $1 billion, were stationed in the district.

Companies registered in Zhongguancun reported total revenue of more than 5.8 trillion yuan ($814 billion) last year.

Today, the tech hub is lined with electronic malls, business incubators and office buildings. Giant brands like Motorola, Microsoft, Intel and AMD have built Chinese headquarters and research centers in the Zhongguancun Technology Park.