Contracts worth four billion yuan ($580 million) were signed by Tumed Right Banner at a big data conference held in Beijing to promote its big data industry, reports Baotou Daily.

The contracts included a project worth three billion yuan for developing the Chilechuan Big Data Center, and a project worth one billion yuan for online trading platforms.

The conference was aimed at popularizing the big data industry and spurring breakthroughs in the industry to boost the economy of the Inner Mongolia autonomous region.

The banner, which is under Baotou city’s administration, is looking toward the big data industry and the successful signing of the contracts marks a new stage for its big data development.