Xiongan seeks more overseas investment

Xiongan New Area, a national-level economic zone neighboring Beijing in Hebei province, said it will actively attract foreign investment, advanced technologies and management experience to support the planning and construction of the area, according to a statement issued by the local government.

The area, established last year and located some 100 kilometers southwest of Beijing, was set up to reduce Beijing's non-capital functions. The region will promote the centralized operation and management of foreign exchange funds of multinational corporations, according to the statement released last week.

The statement said the region will also simplify the establishment procedures and reduce the setting up time and costs of foreign-invested companies. Those investments need to be outside of the negative list, a list of areas where foreign investment is prohibited. In June, China unveiled a shorter negative list for foreign investment.