China opened one of the world's largest high-tech industrial zones in Beijing on Friday.

The Ministry of Science and Technology and the Beijing government began planning the so-called technology transfer zone last year to attract domestic and overseas companies. On Friday, the two announced the opening of the center, predicting that it will become "the largest technology transfer zone".

"I hope Zhongguancun becomes the largest, with a targeted yearly trading volume at $100 billion," said Cao Jianlin, the vice-minister of science and technology, at the opening ceremony on Friday.

Zhongguancun has been a high-tech hub in Beijing since the 1980s.

"And I also hope the largest technology market helps us become more and more competitive worldwide," he said.

Thus far, a public service platform named China International Technology Transfer Center, established in March 2012, has attracted 49 high-tech companies from China and abroad, including several from the United States, Britain and Canada.