Weekly snapshot of China’s local business news

Xinhua News Agency | Oct 12, 2019 at 11:18 AM

BEIJING, Oct. 12 (Xinhua) -- The following are highlights of China's local business news from the past week.

BEIJING NEW AIRPORT ECONOMIC ZONE

Four projects with a total investment of 37 billion yuan (5.2 billion U.S. dollars) were inked for the Langfang area of the Beijing Daxing International Airport Economic Zone Thursday.

The Beijing Daxing International Airport sits at the junction of Beijing's Daxing District and Langfang in Hebei Province. The economic zone, with a planned area of 150 square km, will develop industries from international medical care, airport guarantee and support services, to international convention and exhibition, comprehensive-purpose bonded areas, as well as aviation logistics.

UNIVERSAL RESORT

Universal Beijing Resort announced that its Beijing theme park will have seven theme lands -- Kung Fu Panda Land of Awesomeness, Transformers: Metrobase, Minion Land, The Wizarding World of Harry Potter, Jurassic World Isla Nublar, Hollywood and WaterWorld.

The themed lands, Transformers and Kung Fu Panda, will be the first of their kind the resort has presented to the world.

BAIDU SELF-DRIVING

Chinese artificial intelligence giant Baidu received road test licenses for self-driving cars that carry passengers from the city government of Cangzhou in northern China's Hebei Province.

A total of 30 car plates were given to Baidu's intelligent connected vehicles (ICV) at the 2019 China International Digital Economy Expo. This is the first time that Baidu's ICVs were issued car plates for road tests that carry passengers in the Beijing-Tianjin-Hebei region.

HONGQI SALES

Hongqi, a brand under China's leading automaker FAW Group, sold 63,640 cars from January to September, posting a 223-percent annual increase.

In September alone, Hongqi sold 11,570 units, up 188 percent year on year and 15.5 percent month on month.

ZHONGGUANCUN

Beijing's Zhongguancun, known as China's "Silicon Valley," has seen an increase in research and development (R&D) spending during the January-August period.

R&D expenses totaled 146.45 billion yuan (20.7 billion U.S. dollars), up 16.1 percent year on year, according to the Beijing Municipal Bureau of Statistics.

MUSICAL INSTRUMENT

China's musical instrument sector is witnessing rapid growth, with its market accounting for nearly one third of the world's total.

Last year, the value of the market reached 47 billion yuan (6.6 billion U.S. dollars), said the China Musical Instrument Association at the Music China 2019 expo.