BEIJING: China will establish a world-class national cyber security industrial park to cultivate a 100 billion yuan (15 billion U.S. dollars) cybersecurity industry in Beijing by 2020.
The industrial park will be jointly built by the Ministry of Industry and Information Technology (MIIT) and the Beijing Municipal government.
The park is expected to contribute 330 billion yuan to China’s gross domestic product growth and cultivate at least three enterprises with annual revenues exceeding 10 billion yuan by 2020.
Currently, half of China’s cybersecurity companies are registered in Beijing, and six of them have over one billion yuan in annual revenue.
In 2016, the scale of China’s cybersecurity industry saw an increase of 21.7 percent and it is expected to grow 32.85 percent this year.