Xiongan New Area disclosed on Monday that it has established a State-owned company for investment in and construction of the new area's infrastructure and facilities. The company - China Xiongan Construction & Investment Group Co Ltd - was set up on July 18 in Rongcheng county in North China's Hebei province. According to the website of the National Enterprise Credit Information Publicity System, it has a registered capital of 10 billion yuan ($1.5 billion), and Hebei provincial government is the only shareholder in the company. The SOE will be responsible for establishing an investment and financing system for the new area, as well as introducing social capital and launching public-private partnership (PPP) projects.
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The establishment of the company is a major step toward creating a new economic zone and will help build an efficient investment and financing platform to well fund the development of the new area. It will also be conducive to arranging and developing emerging industries in that zone to make full use of its regional advantages and realize its economic potential.
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