Xiongan to house more SOEs, firms from abroad

China will give Xiongan New Area greater autonomy to attract headquarters of State-owned enterprises and wholly foreign-owned financial institutions, according to a guideline published on Thursday.

The guideline, jointly released by the Communist Party of China Central Committee and the State Council, said the goal is to enable Xiongan to undertake noncapital functions of Beijing and better help with deepening reforms.

Under the guideline, headquarters and branches of SOEs will be encouraged to move to Xiongan to enable improved distribution, structural adjustments, and strategic reorganization of the State-owned sector. SOEs in the new area will be allowed to explore the development of mixed-ownership, in principle.