Zhongguancun Development Group and Beijing's Yanqing county has established a company to promote the development of Yanqing Park, a sub-organization of Zhongguancun Science Park, Beijing Daily reported on Tuesday.

The company, based in the Yanqing Economic Development Area, will invest about 836.4 billion yuan (about $136 billion) to introduce and develop several large enterprises with independent intellectual property rights and a strong core competitiveness.

It will also build a number of leading enterprises and SMEs, and create 20,000 jobs for high-end industries in Yanqing Park.

The company will also promote the new energy and energy-saving environmental protection industry in the park, which is of great significance to the joint development of the Beijing-Tianjian-Hebei region.