This Day, That Year

Approved by the central government in 1988, Zhongguancun Science Park was the first high-tech park to be established in China and has been transformed into a hub of innovation and home to many tech giants.

China’s “Silicon Valley” spans 483 square kilometers and hosts 25,000 technology companies. In 2016, the district accounted for 25 percent of Beijing’s GDP.

The search engine Baidu and computer maker Lenovo started businesses here.

The development of the zone reflected the country’s efforts to become a global leader in world technology and science.

After years focusing on innovation, China is transforming from being the world factory to an innovation-driven nation by embracing a fresh wave of creativity.

From artificial intelligence and genetic engineering to mobile payments and bike sharing, Chinese companies are pulling ahead of their rivals.

In terms of fintech, Alipay is one of the best examples, as it passed Visa and MasterCard in 2016 in total online transaction volumes.

Alipay is the mobile and online payment service of e-commerce giant Alibaba Group Holding .

China produced 76 percent more papers on the study of AI than the United States in 2016 and 2017, also overtaking the US in terms of citation rate.

China has worked to create an ecosystem for innovation, including talent, investment and policy support.