Beijing to shut down 1,000 manufacturing companies by 2020

BEIJING - Beijing will shut down 1,000 manufacturing companies and 300 markets and logistics centers by 2020, to further move its non-capital functions out of the city, according to a press conference from the ongoing local legislative session Saturday.

In 2018, Beijing will close 500 manufacturing companies and 176 markets and logistics centers, and relocate several universities and hospitals to suburban areas, Liu Bozheng, deputy director of the Beijing office overseeing the integration of the Beijing-Tianjin-Hebei region, said at the press conference.

Beijing plans to inject 12.2 billion yuan ($1.9 billion) into moving its non-capital functions, according to the capital's 2018 draft budget report distributed at the legislative session.

In 2015, China released a three-year plan for the integrated development of Beijing, Tianjin and Hebei, a national strategy to balance the development of the three regions. Beijing has completed about 990 tasks to promote integrated development in the regions.