In the wake of the novel coronavirus outbreak, the 2020 Global Venture Capital Summit kicked off both online and offline on Sept 8 in Xi'an, capital city of Northwest China's Shaanxi province.

The launch ceremony for the 2020 Global Venture Capital Summit is held in Xi'an. [Photo provided to chinadaily.com.cn]

In recent years, Xi'an has continuously improved its enterprise-profit policies and is becoming a hot city for entrepreneurship in the country.

At the launch ceremony, Li Mingyuan, mayor of Xi'an, said the city had broad market space and potential for venture capital. That's especially with the accelerated construction of the national new generation artificial intelligence innovation development pilot zone there and the first national key and core technology innovation demonstration zone, he said.

It's hoped participating venture capital group will provide advice and suggestions for the development of Xi'an. The mayor added that Xi'an will create a business environment with excellent services, low costs and high efficiency.

Li Mingyuan, mayor of Xi'an, delivers a speech to the 2020 Global Venture Capital Summit. [Photo provided to chinadaily.com.cn]

Meanwhile, Zero2 IPO Research -- one of the country’s leading venture capital, private equity research institutions -- released its annual China Urban Technology Finance Development Index at the summit.

The report said Xi'an ranked ninth with its favorable policy environment, innovation vitality, and development results.

In addition, the Gross Ecosystem Product (GEP) for the Xi'an High-tech Industries Development Zone was released, covering aspects such as the environment and socio-economic fields.

Elsewhere, the 2020 Top 100 Xi'an Future Stars list, the Xi'an Longmen Action Plan Top 20 list and the Top 100 Key & Core Technology list were announced, highlighting a group of companies that show great development potential.

An expert shares his views at the 2020 Global Venture Capital Summit. [Photo provided to chinadaily.com.cn]