Beijing Plans New Industry Zone to Create USD15 Billion Internet Security Sector

Beijing Plans New Industry Zone to Create USD15 Billion Internet Security Sector

Tang Shihua

Date: Wed, 12/13/2017 - 17:34 / source:Yicai
Beijing Plans New Industry Zone to Create USD15 Billion Internet Security Sector
Beijing Plans New Industry Zone to Create USD15 Billion Internet Security Sector

(Yicai Global) Dec. 13 -- China’s government will build a national-level internet security industrial park in Beijing, in an effort to significantly elevate the sector’s stature to a global-level of importance with a market volume exceeding CNY100 billion (USD15.1 billion) in the capital alone. 

Beijing government and the Ministry of Industry and Information Technology aim to nurture the development of at least three national-level cybersecurity giants, each with annual revenues exceeding CN10 billion, Xinhua News Agency reported yesterday.

The industrial park development will assist Beijing in reaching a GDP of more than CNY330 billion by 2020, the parties said at the first China Internet Security Industry Summit yesterday. The site will host five hubs focused on national security strategy, online security R&D, high-end industry demonstration, talent cultivation, and industrial innovations by 2035.

The two parties have established a work group to advance the joint construction of a high-level cybersecurity lab, set up a special fund for the industrial park, as well develop an innovation and entrepreneurship platform for the sector.

Half of China’s major internet security enterprises are registered in Beijing, while six of them earn more than CNY1 billion in revenues each year including Qihoo 360 Technology Co. 

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Keywords: Industry Park, Beijing, MIIT, Internet security