A rendering of the Yungu campus of Westlake University in Xihu district, Hangzhou, capital of East China's Zhejiang province [Photo/zjol.com.cn]

Zihu district in Hangzhou is making efforts to boost its university economy, which turns academic research into marketable products and educational resources into economic strength.

Since 2000, the district has been building university technology parks to boost the university economy in partnership with a number of universities such as Zhejiang University, Westlake University, Zhejiang University of Technology, China Academy of Art and Hangzhou Electronic Science and Technology University.

According to Du Hao, director of the Xihu science and technology bureau, many universities are located in the district, bringing together a large number of talents.

"They are a built-in advantage for Xihu district when it comes to developing a university economy," said Du.

At a recent meeting dedicated to boosting university economy, the government of the district launched guidelines to develop the economic model, which stated that universities and companies will receive up to 500,000 yuan ($70,613) each if they industrialize technological discoveries.

The government of Xihu district is also planning to build a university city covering an area of 660,000 square meters, with the Yungu campus of Westlake University at its center, according to Ma Pinfang, deputy head of Xihu district.

Representatives from the government of Xihu district and Hangzhou Electronic Science and Technology University agree to develop university economy at a recent meeting. [Photo/zjol.com.cn]