Shanxi plans 5 billion yuan for new tech city

North China's Shanxi province will invest five billion yuan ($760 million) in construction of a new technology city in 2016. Site selection and project approval will be finished by the end of April, announced the province's science and technology department on Jan 10.

The new city is located south of Taiyuan and west of Jinzhong, covering a planned area of 510 square kilometers. By 2030, it is expected to serve as a center bringing together Shanxi's technology, talented people, coal-based low carbon development and research achievements.

The new city project is a key part of Shanxi's transformation and comprehensive reform, with a 1.6-billion-yuan platform starting construction last July. Twelve research and development institutions have agreed to settle in the city, including the Shanxi branch of PetroChina's National Engineering Research Center of Coalbed Methane Development & Utilization.

In addition, Shanxi will introduce coal-based low carbon research and development institutions and build a provincial technological management platform.

The science and development department will announce the major technological equipment requirements and support policies for the new city before the end of February.