Investors cheered Chinese President Xi Jinping’s plans for a new development area in the province of Hebei, south of Beijing, lifting a series of related stocks to the daily limit on the Shenzhen and Shanghai stock exchanges.
The new 100 square kilometre area named as the Xiong’an New Area, is 100km southwest of Beijing and is designed to advance the development of the Beijing-Tianjin-Hebei region, according to state news agency Xinhua. It will be expanded to become a 2,000 square kilometre area in the long-term.
Mr Xi’s plans follow on from those of his predecessors Deng Xiaoping and Jiang Zemin, who established the Shenzhen Special Economic Zone and the Shanghai Pudong New Area, respectively.
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