The government of Haidian announced that Zhongguancun Street will get RMB8-billion (USD1.53 billion) in funds for a facelift, China Daily reports. The street has been dubbed the “Silicon Valley” of China and is also a main artery of the Haidian district.
The project will include renovating the infrastructure, getting property rights and making investments along the seven-kilometer Zhongguancun Street. The small electronic shops that line the street will also be relocated in order to create more space for international businesses. The government hopes these changes will help boost Beijing’s high-tech industry and draw more international development.
The district has established the Zhongguancun Street Operation and Management Company, which is in charge of gathering project funds. It was created by the Zhongguancun Development Group, the State-owned Properties Investment and Management Co Ltd of Haidian District and Tus-Holdings.
[Images via Xinhua]
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