China's Xiongan New Area welcomes foreign investment

International companies which can meet the functional requirements of the Xiongan New Area are welcome, said He Lifeng, head of the National Development and Reform Commission Tuesday.

He told a press conference on the sidelines of the ongoing annual session of the National People's Congress, China's national legislature, that the planing and construction of the new area have stepped into a new stage.

An administration has been set up and talent recruited from across the country, He said.

"Projects from the world over, which can meet requirements of the non-capital functions from Beijing and high quality development, are welcome," said He.

He noted that major infrastructure projects had begun in the new area, including the construction of a rail link with Beijing. Travel time between Beijing and Xiongan will be 30 minutes.

Afforestation in the new area started in the winter, He added.

Xiongan New Area, established in April 2017, is a new economic zone about 100 kilometers southwest of Beijing in Hebei Province. It is the third new area of national significance after the Shenzhen Special Economic Zone and the Shanghai Pudong New Area.