Summary of Xiong'an New Area: China's Next Economic Hub Offers Countless Opportunities

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 Xiong'an New Area: China's Next Economic Hub Offers Countless Opportunities summary
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At the beginning of April 2017, China established a new special economic zone in the province of Hebei to promote its integration with the neighboring cities of Beijing and Tianjin. The authorities intend to transform the Xiongan New Area into a new growth center as China’s economy slows. The region’s financial sector is already buzzing with insurance companies eagerly looking for business opportunities. However, in this article from Financialnews.com.cn, reporter Dai Mengxi suggests that the area has a long, hard way to go before it becomes the next Shenzhen or Shanghai. getAbstract recommends this report to financial institutions and other companies interested in growing with Xiongan.

In this summary, you will learn

  • What the Xiongan New Area is,
  • Why China’s government established it and
  • How China’s insurance companies are reacting.
 

About the Author

Working as a reporter, Dai Mengxi is an intern at Financialnews.com.cn, a comprehensive financial newspaper. It is the only media outlet that the People’s Bank of China and the State Administration of Foreign Exchange authorized to publish their financial statistics.

 

Summary

On April 1, 2017, Chinese authorities announced the establishment of a new special economic zone located in Hebei Province. Covering the counties of Xiongxian, Rongcheng and Anxin, the Xiongan New Area lies at the center of a triangular zone formed by Beijing, Tianjin and Hebei’s provincial capital  Shijiazhuang. The Xiongan New Area will adopt a model similar to the special zones set up in Shenzhen and other cities in 1979.