Shanghai shares rally more on Xiongan plan

Shanghai shares rally more on Xiongan plan

Shanghai shares rally more on Xiongan plan

After former president Jiang Zemin assumed power, he immediately ordered the construction of the Pudong New Area in Shanghai in 1992 and the Binhai New Area district in Tianjin in 1994.

China Shipbuilding Industry Corporation, which is making the nation's first home-grown aircraft carrier, has become the first central government-owned enterprise to pledge to relocate some of its businesses into the Xiongan New Area. The New Area, about 100 km southwest of downtown Beijing, will span three counties that sit at the center of the triangular area formed by Beijing, Tianjin and Hebei's provincial capital Shijiazhuang.

Cities typically sprawl out over time, but the Chinese government just announced they will be building a whole new city about 62 miles away from Beijing.

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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.

For investors, the new area will focus on environmental, transportation and industrial upgrades as a jumping off point for a broader effort, UBS Securities wrote in a research note.

It is part of the government's ambitious plan to develop the Beijing-Tianjin-Hebei region.

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The new area will create a favorable environment for innovation and attract innovative talent and teams to help build it into a "high ground" for innovation and a new science and technology city, the official said.

According to local media, China is building a city which is three times bigger than NY.

Regional planning should be systematic, Zhang said, with stronger land, real estate and population controls. Industries that don't meet the requirements of the function of the capital will be moved to the Xiong'an New Area. The second covers 200 square kilometers and the third 2,000 square kilometers.

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It is estimated that these newly developed areas are large enough to house as many as 3.4 billion people, or almost half of the world's population.

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