Beijing-based companies intend to invest $23 billion in Tianjin
This year more than 420 Beijing-based companies have already opened offices in neighboring Tianjin, promising to invest up to 160 billion Yuan as state news agency Xinhua informed on Friday.
The Chinese government has been campaigning for an integrated megacity of Tianjin, Beijing and Hebei province since 2014, in an attempt to ease pressure on its crowded capital by simply transferring industries further out into Hebel and Tianjin.
It called the area "Jing-Jin-Ji", utilizing shortened versions of the names of the cities as well as province.
Companies, which have promised to put down over 1 billion Yuan in Tianjin include China's home-grown ride-hailing application Didi Chuxing as well as financial service platform Gome Finance. That’s what Xinhua told, citing the Tianjin Economic and also Technological Development Zone Management Committee.
That’s not immediately clear how much investment has been carried out by those companies in Tianjin this year.