Beijing will receive up to 3 billion yuan (about 462 million U.S. dollars) of funding from the central government over the next three years to improve the development of its service industry.
According to an agreement signed Wednesday by Beijing Municipality and four central government ministries, including the Ministry of Finance (MOF) and the National Development and Reform Commission, the funds will be used to support the service industry in Zhongguancun, Beijing’s IT hub.
The MOF said in a statement posted on its website that the agreement marks the beginning of China’s efforts to promote its service industry, adding that the country will continue to search for other funding candidates.
According to China’s 12th Five-year Plan, the Chinese capital will transform Zhongguancun into a globally influential center for scientific and technological innovation by 2015.
Nearly 20,000 companies that are based in Zhongguancun earned 1.55 trillion yuan in revenues last year, up 20 percent year-on-year. The area accounts for 19.2 percent of Beijing’s gross domestic product (GDP).