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By Han Wei / Jan 25, 2019 05:07 AM / Economy

Photo: VCG

Photo: VCG

China’s State Council, the cabinet, unveiled a series of reform measures Thursday that would be initiated in the Xiong’an New Area in a document outlining the blueprint for the area’s development.

Established in April 2017, Xiong’an is located about 100 kilometers south of Beijing in Hebei province and is set to become comparable with the creation of earlier economic zones in Shenzhen and Shanghai Pudong.

China will set up a modern fiscal, taxation and financial system in the Xiong’an New Area to boost its development, said the document published by the official Xinhua News Agency.

Innovative policies will be rolled out to attract high-tech companies and talent to the area and to expand funding channels for businesses to raise money, according to the document.

China plans to set up an equity exchange in Xiong‘an to support direct financing in the new economic zone. Qualified companies in the zone will be given priority to go public, conduct mergers and acquisitions, and issue bonds and other securities, the document said.

The government will also encourage Xiong’an to use real estate investment trusts and other property-related financial innovations to bolster the local property market while preventing speculation.

Related: Xi Pays 2nd Visit to Xiong’an, Emerging North China Sub-Center

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