Owned China Shipping pioneers move to Xiongan New Area

Aerial photo taken on April 1, 2017 shows Xiongxian County, north China's Hebei Province.

Chinese stocks continued to rise Friday, with the benchmark Shanghai Composite Index closing at a 15-month high thanks to boosted market sentiment over Xiongan New Area, a new economic zone to be built near Beijing.

Zhang Gaoli made the comments at a conference about integrating the Beijing-Tianjin-Hebei region.

Xiong'an New Area consists of Xiongxian County, Rongcheng and Anxin in Hebei province. To build a green and intelligent city, to build an environment friendly city, to develop sophisticated industry and cultivate new energy resources, to provide better infrastructure and city service, to develop efficient and clean traffic network, to adjust the managing system and the functions of the government and to open up and develop new platform for global cooperation.

For investors, the new area will focus on environmental, transportation and industrial upgrades as a jumping off point for a broader effort, UBS Securities wrote in a research note. The new district would initially cover an area of about 100 square kilometres, and authorities want to turn the region into a new growth centre as China's economy slows, according to the news agency.

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The NDRC chief pointed to reform as a key to development, saying that new administrative, investment and financing models will be tried in the new area.

Regional planning should be systematic, Zhang said, with stronger land, real estate and population controls.

It is part of the government's ambitious plan to develop the Beijing-Tianjin-Hebei region. It will initially occupy 100 square kilometers and eventually cover 2,000 square kilometers.

According to China Daily, President Xi said regarding project, "Priority should be given to developing an area to pool noncapital functions that will be shifted from Beijing".

The new area will be of the same national significance as the Shenzhen Special Economic Zone, established in the 1980s, and the Shanghai Pudong New Area, set up in the 1990s, said the circular on Saturday.

  • Ronnie Bowen