Baoding, a city in Hebei Province, announced Thursday that it has started construction of a new technology park to attract companies mostly from Beijing.
On Thursday, 13 Chinese organizations, such as China Aerospace Science and Technology Corp., signed agreements with Baoding's local government to invest a combined total of 31.3 billion yuan in the new park. These contracts cover a wide range of projects including general aviation industrial base and aerospace equipment production facility.
Under current plans, China will relocate some businesses in Beijing to neighboring Tianjin and Hebei in an effort to create new growth sectors and control Beijing's population.
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