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Beijing's Zhongguancun, one of China's famous technology hubs, plans to shift from an area famous for traditional electronic stores to a street dedicated to innovation and start-ups in the next three to five years.

According to the plan, the area will cover key universities such as Peking and Tsinghua, electronics stores and shopping centers. A total of 36 office buildings are on both sides of the street with a floorage of 1.7 million square meters, which houses more than 6,000 companies.

The main function of the street will be providing services to boost technological financing, innovation and business start-ups, creative culture as well as industries related to information, big data and smart hardware.

The areas along the street will be divided into five characteristic functional sections, according to an official from the Administrative Committee of Zhongguancun Science Park.

Zhongguancun Street aims to realize a comprehensive improvement in serving innovation and start-ups by the end of 2020.

The technological area in Haidian District is the country's first innovation demonstration zone approved by the State Council in 2009 and aims to become a technological innovation center with global influence.

This article was edited and translated from 《中關(guān)村大街將告別電子賣場(chǎng) 轉(zhuǎn)型為"創(chuàng)新創(chuàng)業(yè)"街》, source: Beijing Times, author: Liu Xueyu.