Join getAbstract to access the summary!

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

Join getAbstract to access the summary!

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

Financial News,

5 min read
5 take-aways
Audio & text

What's inside?

Will China’s new special economic zone, Xiongan New Area, become the next Shenzhen?

auto-generated audio
  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×
auto-generated audio

Editorial Rating

7

Qualities

  • Applicable
  • Background

Recommendation

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.

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.

Chinese president Xi Jinping calls on the area’s leaders to prioritize ecological protection, improve people’s well-being and foster innovation as well as collaboration. He believes the promotion of high-end industries is at the heart of the area’s development, and he underscores its potential as a new platform for greater openness and international cooperation.

A viable...

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.

Comment on this summary