An integrated circuit innovation park is now planned for the Zhongguancun area, famed as China's Silicon Valley.

Focusing on R&D, design and manufacturing, the 210,000 square meter park is projected to generate an annual output value of 10 billion yuan ($1.5 billion) after completion.

The Chinese Academy of Sciences will invest 1.25 billion yuan in the project that seeks to attract competitive companies and startups to foster proprietary intellectual property and innovative products.

The park is one of 15 investment deals signed in early December worth a combined 21 billion yuan for new projects in the technology-intensive industrial zone Zhongguancun Science City.

(Source: China Daily)