China Announces Plans to Build a Massive New Future CIty

Brittany BishopApr 08, 2017

Mr Xi's plans follow in the wake of his predecessors Deng Xiaoping, who established the Shenzhen Special Economic Zone, and Jiang Zemin, to whom the Shanghai Pudong New Area owes its existence.

The creation of the new area is a "major historic and strategic choice", Xinhua said, citing a circular issued by the Communist Party's central committee and China's Cabinet.

Although details are still lacking, at least 10 central government-owned enterprises have expressed support and willingness to participate in the construction of the new area, including Sinopec and China Unicom.

"After news of the Xiongan area became public, the behavior and hype of speculators pushed housing prices to a new high", the statement said.

Aerial photo taken on March 31, 2017 shows Baiyangdian, North China's largest freshwater wetland, in Anxin county, North China's Hebei province.

Quoting Xi, Zhang said authorities should coordinate efforts like moves in a chess game and phase out "non-capital functions" from Beijing in an orderly manner.

Beijing will focus on its "capital functions", serving as the country's political center, cultural center, and center for global exchanges and science and technological innovation, according to previous plans.

Beijing Great Wall Electronic Equipment, the company's arm of underwater acoustic communication devices, will relocate from Beijing to the new area.

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.

According to Global Times, Xiongan is now an underdeveloped area but holds great potential for development.

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". It will initially occupy 100 square kilometers and eventually cover 2,000 square kilometers.

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