Business
11:58, 29-Sep-2017
China’s top tech companies to set up branches in latest economic zone
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A total of 48 enterprises, including China’s leading Internet companies Alibaba, Tencent and Baidu, have been approved to set up branches in Xiong’an New Area, the local management committee announced on its Weibo account on Thursday.
Among the 48 companies who received entrance permission, 14 are leading information technology firms, 15 are in finance, seven are high-tech research institutes and five work on green technology, the committee said, noting nine companies including Tencent have been granted business licenses.
High-end and high-tech companies will be the mainstream in the area, according to the committee.
Xiong’an New Area, a new economic zone about 100 kilometers southwest of Beijing covering Hebei Province's Xiongxian, Rongcheng and Anxin counties, was established in April as the country’s third new development area after Shenzhen Special Economic Zone and Shanghai’s Pudong New Area.
Xiong’an, a key part in China’s Beijing-Tianjin-Hebei integrated development plan, has been designed to take over some functions of Beijing to ease pressure on the capital city.