Companies in Beijing's Zhongguancun district had 2.45 trillion yuan ($394.2 billion) in income in 2012, or 2.7 times that of 2007, giving the district an increasingly important role in the city's innovation and development, Chinanews.com has reported.

Over the last year, Zhongguancun companies, notably those in the Zhongguancun Science Park, or China's Silicon Valley, paid 150 billion yuan in taxes, an increase of 50 percent year-on-year. Profits amounted to 173.1 billion yuan, up 13 percent. Top industries, such as modern services, advanced manufacturing, and bio-medicines saw an increase of around 30 percent from the previous year, making them strong supporters of industrial development.

In addition, service organizations also emerged to support innovate companies It has also been looking for more talented personnel from China and abroad, providing various incentives in housing, medical care, and visas for family members. Around 20 Zhongguancun companies went public in 2012, bringing the total for the zone to 224, and IPO input amounting to more than 190 billion yuan.

As a high-tech innovator for Beijing, the zone plans to continue developing its six competitive industries -- next-generation networks, mobile networks and new mobile communications, satellite applications, biology and health sciences, energy-conservation and environment-protection, and rail transit -- while promoting integrated circuitry, new materials, high-tech equipment, and general aviation for greater development.

Edited by Zhao Qian and Roger Bradshaw