Beijing-based firms pledge to invest US$23b in Tianjin: Xinhua
[BEIJING] More than 420 Beijing-based companies have opened offices in neighbouring Tianjin this year, pledging to invest 160 billion yuan (S$33.1 billion), state news agency Xinhua reported on Friday.
The Chinese government has been campaigning for an integrated megacity of Beijing, Tianjin and Hebei province since 2014, in an effort to ease pressure on its crowded capital by transferring industries further out into Tianjin and Hebei.
It dubbed the area "Jing-Jin-Ji", using shortened versions of the names of the cities and province.
Firms that have pledged to put down over 1 billion yuan in Tianjin include China's home-grown ride-hailing application Didi Chuxing and financial service platform Gome Finance, Xinhua said, citing the Tianjin Economic and Technological Development Zone Management Committee.
It's not immediately clear how much investment has been made by those firms in Tianjin this year.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Laid-back vibe, stunning beaches, rich cuisine and low cost of living lure more expat retirees to Malaysia
Vietnam tycoon appeals against US$27 billion fraud death sentence
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked
US consumer sentiment falls as inflation expectations climb
HSBC wins £1.3 billion suit over Disney film finance scandal