The Beijing-Tianjin Zhongguancun Tech Town is banking on the 110 billion yuan ($16.5 billion) investment from the Zhongguancun Development Group for its next stage of economic transformation.

The investment is expected to further boost the integrated development of the Beijing-Tianjin-Hebei region that was set up in 2014. Encompassing an area of 14.5 square kilometers in Baodi, Tianjin, the new tech town is 90 kilometers away from the capital city and will be fully complete in 15 years.

Gao Zhongcheng, president of the Beijing-Tianjin ZGC Tech Town Co, said the town expects to foster 117,000 jobs in the region. In addition, 12 new projects with total investment of 1.7 billion yuan will also come up in the tech town, with the focus largely on the artificial intelligence industry.

The town will also supplement Beijing's efforts in new materials, energy, biomedicine and highend service sectors. While Zhongguancun in Beijing will be more dedicated to research and development, the new Tianjin town will complete the industrial chain with its manufacturing capabilities.

Kingbio, a Beijing-based veterinary drugmaker from Zhongguancun, recently expanded its production base in Tianjin's new tech town with an investment of 110 million yuan.

Town officials said that there were apprehensions initially that the area may find it difficult to attract talent due to its earlier agriculture leanings.

Wang Hao, director of the administrative committee of the town, says that it has been dispelled after employment opportunities rose in line with the development plans and helped attract talents. He expects the town to attract 58,000 high-level talents in the next few years to come.

The Haihe talent project, commenced in May 2018, has helped lower the relocation threshold for hukou in Tianjin. More than 130,000 registrations have been done in the last seven months under the program, according to government officials.