As Shougang Group is set to move out of Beijing, it makes room for something else. The local government will expand Chang'an Street, the main street here, in the country's capital. It will invest nearly 2 billion yuan to reconstruct the area and expand out west. Officials say the expansion will give a boost to the local economy.

Officials say the western expansion of Chang'an Street will be a new tourism spot. It's also set to revive the local economy, with room for development on the land around the expanded street.

Zhou Maofei, Chief of Shijingshan District said "The land will attract many high-end companies to develop in Shijingshan District. I believe it will become a road of fortune."

The official also says the industrial zone previously occupied by Shougang Group will be developed into industrial theme parks and lakes.

Zhou Maofei said "We want to build it into a very beautiful and modern tourism area in Beijing. And we will integrate land along the riverside to attract international creative industries and modern service companies to develop here."

And there's more good news for residents of Beijing. After Shougang Group relocates, air quality is expected to improve in the district, once considered a major polluting area in the capital.