(Yicai Global) Dec. 20 -- Chinese search engine provider Baidu Inc. [NASDAQ:BIDU] has signed a cooperation agreement with the Xiong'an New Area government and other services.
The Beijing-based firm will start working with the Xiong'an New Area to build a smart city project soon. The Xiong'an New Area will use Baidu's AI technology for autopilot, identification, authorization, green economic development and public efficiency improvements as well as to solve traffic congestion problems, Baidu founder Robin Li said earlier this month.
Established on Dec. 1 with CNY100 million (USD15.2 million) of registered capital, Baidu Xiong'an Technology Co. aims to provide technology development and application services in artificial intelligence, Big Data, cloud computing, the Internet of Things, blockchain and autonomous cars.
Internet giants Alibaba Group Holding Ltd. [NYSE:BABA] and Tencent Holdings Ltd. [HK:0700] signed deals with the Xiong'an New Area in November.