Beijing's 2nd 'Silicon Valley' is smack in city center

Chaoyang offers talent reservoir for 80 education, e-commerce and other unicorns

MissFresh stores about 3,000 types of goods, including food products, in its warehouse in Beijing. (Photo Courtesy of MissFresh)

FUMIE YAKU, Nikkei staff writer

November 20, 2019 17:31 JST

BEIJING/TOKYO -- Beijing already boasts one "Silicon Valley of China." Now, the city is getting another, as generous government support and a deep talent pool help turn the Chaoyang district into a startup hotbed.

The district, which is also a center of foreign businesses and embassies in the city, was home to eight of Beijing's top 20 unicorns, privately held companies each valued over $1 billion, as of the end of September, according to tech news and data portal 36Kr.