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The Ministry of Industry and Information Technology has signed an agreement with the Beijing government to co-found a national cybersecurity industrial park in the city, reported.

The industrial park is expected to stimulate GDP growth of more than 330 billion yuan (US$49.8 billion) by 2020, to develop a 100-billion-yuan market for cybersecurity in Beijing, and to nurture at least three backbone enterprises with annual revenues of over 10 billion yuan.

The administrations will set up a special fund, encourage banks to provide multiple loan supports to cybersecurity companies and implement preferential tax policies for them.

According to Zhang Boxu, the director of Beijing Municipal Commission of Economy and Information Technology, the overall goal is to turn Beijing into the gathering center for high-end, high-tech and high-value cybersecurity businesses.

Half of the major cybersecurity firms are registered in Beijing. Six among them have exceeded one billion in revenue.