Over 2b investment deal reached in Beijing innovation week

Investments worth more than two billion yuan (about $315 million dollars) were made in Beijing during China's first mass entrepreneurship and innovation week which concluded on Sunday.

The week kicked off on Oct.19 in the main venue, Zhongguancun, a major high-tech zone in Beijing.

Competitions and forums for "makers", those do-it-yourself inventors and craftsmen, as well as entrepreneurs and investors were held in cities including Beijing, Shanghai, Shenzhen, Wuhan, Xi'an, Chengdu, Hefei and Shenyang.

Exhibitors from Beijing took 46 percent of the country's total participating projects during the week. About 108 intent to cooperate deals and 117 agreements were reached, involving investments exceeding two billion yuan, the Zhongguancun management committee said.

The government has approved several new measures to boost innovation and entrepreneurship, including financial support, facility construction and administrative assistance.

Confronted with economic headwinds, China has been counting on entrepreneurship and innovation to generate new jobs and improve the skill set of its citizens, thus, warming up the slowing economy.