LONDON - Cocoon Networks London, an innovation center that seeks to promote China-Britain technology transfer and investment, was launched here Thursday during the first day of the China-UK Hi! Technology Festival.

The center will provide 70,000 square feet (around 6,503 square meters) of office space for promising startups in the technology and creative industries, according to Cocoon Networks, the Chinese investment group that runs the center.

Cocoon Networks will also provide collaborators the opportunities to upskill, meet investors, develop and manage new IP (intellectual property) and bring commercial ventures to new markets.

"China's economy is set to become one of the most R&D-intensive in the world within a decade, and China relies on close partners and collaborators in entrepreneurship, innovation and investment to grow our technology ventures to scale," said John Zai, CEO of Cocoon Networks.

"We are proud to be supporting the entrepreneurs enabling this 'Golden Era' of Sino-British collaboration," said Zai.

Industry leaders, entrepreneurs and partners from both China and Britain have gathered at the two-day China-UK Hi! Technology Festival, where they explored opportunities for investment and technology transfer between the two countries.