China launches new year-long inspection into air pollution in north

The construction of the Xiong'an New Area was divided into three stages. Photo was taken on April 4, 2017.

City planning for the Xiongan New Area must reach the standard of a first-class global city, and architecture there should fully embody elements of Chinese culture, He said in the interview. "I would liken it to the development of a brand new New York City, with Beijing as Washington".

A long-term and stable funding mechanism will be put in place, and private funds will be encouraged to participate in building the new area, He added.

"This would be one of the centrepieces of a high-level development plan for the Beijing-Tianjin-Hebei region", said Bill Bowler, a sales trader at Forsyth Barr Asia Ltd in Hong Kong.

As per China Daily, a circular released by the CPC Central Committee and the State Council noted that the area will feature "geological advantages, convenient transportation, an excellent ecological environment, ample resources and lots of room for development".

Set to host the non-capital functions of Beijing, Xiongan follows the examples of the Shenzhen Special Economic Zone and Shanghai's Pudong New Area, established in 1980 and 1991, respectively.

Wang Huisheng, chairman of SDIC, said the company would utilize its expertise in investment orientation, structural adjustment and asset management to help develop the Xiongan New Area.

According to the official announcement, the Xiongan New Area will serve as Beijing's extension and a de facto secondary capital once completed so as to ease overcrowding in Beijing.

According to Bloomberg, an analysts at Jefferies Group, Howard Lau here adds, "The collaborative development of the three regions is meant to solve problems like overpopulation and traffic congestion in Beijing".

He Lifeng, minister of the National Development and Reform Commission, said that the government will continue providing policy, planning and financial support for key projects in the region.

  • Wendy Palmer