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.