Alibaba, Tencent to set up units in Xiongan New Area

Chinese corporate behemoths Alibaba Group Holding Ltd, Tencent Holdings Ltd and Baidu Inc will set up branches in China's Xiongan New Area.

They are among the first batch of 48 companies that have been approved to be set up in this new economic area. The move is part of the government's endeavor to expedite the construction of the Xiongan New Area in Hebei province.

The new area was announced earlier this year. The project aims to relieve the pressure of population on Beijing and build another economic powerhouse along the lines of those built near Shenzhen and Shanghai.