​Beijing, April 11 (IANS) China will invest around $1.5 billion to upgrade Beijing's Zhongguancun district or the "Silicon Valley of China", an area with a strong presence of technology companies.

According to authorities, the 7.2 km (4.4 miles) of Zhongguancun street, or its immediate vicinity, is the hub of Chinese technology companies such as Xiaomi mobile manufacturers, and where multinational companies, including Google, Intel, Sony and Ericsson have established research and development centres, EFE news reported on Monday.

The investment, through a fund managed by the Haidian district where Zhongguancun is located, seeks to improve the image of the area and publicize the advanced technology being developed there globally, local authorities stressed in a statement.

Zhongguancun's "makeover" will include renovation of infrastructure and elimination of many electronic stores that sell products at sale prices, which had turned into a major attraction of the neighbourhood in the last decade.

The plan also includes devoting more than 100,000 sq meters (107,639 sq feet) of space to "incubators" of international talent. ​