Business incubator Garage Coffee attracts many young entrepreneurs in Zhongguancun, July 8, 2014. [Photo by Li Wen/Xinhua]

Beijing's high-tech business hub Zhongguancun Science Park hopes to become a global center of innovation and entrepreneurship, xinhuanet.com reported on Tuesday.

Its rich resources for research and innovation-friendly policies have made Zhongguancun a magnet for tech-driven startups.

In recent years, the park has registered over 6,000 new tech firms annually. As a startup cluster, Zhongguancun is quickly becoming the most profitable area in China.

Chinese online retailer JD, which started in Zhongguancun, made $1.78 billion when it went public on the NASDAQ Stock Market in May.

Capital Microelectronics Co, a Zhongguancun-based high-tech enterprise, has developed the nation's first high-performance universal chip, which hit markets in June, according to Liu Ming, founder of the company.

Also in June, Zhongguancun put 100-million-yuan ($16 million) toward a new innovation-focused street that has made the park even more attractive to startups and young entrepreneurs. More than ten business incubators including 36 Kr, Garage Coffee and Binggo Coffee have settled there.

Smartphone manufacturer Xiaomi has sold more than 26 million smartphones in the first half of this year, nearly three times as much as last year, company CEO Lei Jun said in a Weibo post.

What began as a street selling electronics in the 1980s has grown into a national development zone for brand innovation, the first of its kind in the country.

Entrepreneurs share ideas at Garage Coffee in Zhongguancun's innovation street on July 8, 2014. [Photo by Li Wen/Xinhua]

Job listings are posted to a wall at Garage Coffee in Zhongguancun's innovation street, July 8, 2014. [Photo by Li Wen/Xinhua]