The Harbin city government will allocate 1 billion yuan ($1.45 billion) to a fund for supporting the industrial development of its New District.

The industrial fund will be allocated by Harbin Finance Bureau and will be used in sectors including organic food, new technologies, tourism, new energy and trade.

The fund is aimed at promoting the development of Harbin’s New District, and accelerate economic structural adjustment and industrial transformation.

Last year, the State Council approved the setting up of the New District in some parts of Harbin’s Songbei, Hulan and Pingfang districts. The New District will be built into a demonstration area for the old industrial base as well as a distinctive international center for culture and tourism in northeast China.