China to Establish EZ Near Beijing

China announced Saturday that it is going to establish a special economic area in a province neighboring Beijing as part of a plan to integrate the capital with its surrounding areas.

The government says the Xiongan New Area in Hebei province will have national significance like the Shenzhen Special Economic Zone, China’s first free-market economic zone set up in 1980 as the country was beginning economic reforms, the official Xinhua News Agency reported. 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.



The Xiongan New Area will eventually cover 2,000 square kilometers (772 square miles) and be located about 100 kilometers (60 miles) from downtown Beijing.

Since 2014, the government has planned to jointly develop Beijing, the port city of Tianjin and Hebei province to boost regional and economic development in the northern region, and bridge the economic disparity between the capital and the industrial and rural areas surrounding it.

via Mainichi

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza