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Xiongan New Area – China’s "Millennium Strategy"

In US former Treasury Secretary Henry Paulson's memoir Dealing with China Paulson mentioned that China's central government was considering to relocate a number of Beijing's administrative and back-office functions to Baoding, as Xi Jinping, General Secretary of the Communist Party of China, told to Paulson personally in July 2014, and said this idea was his "own personal initiative". Now the idea came true. 

On April 1, 2017, China has announced the decision to set up the Xiongan New Area near Beijing.In terms of national significance, the area parallels the Shenzhen Economic Zone and Pudong New District, China's successful test beds for reform and opening up. Xiongan New Area is located about 100 km southwest of Beijing. Its main function is to serve as a development hub for the Beijing-Tianjin-Hebei economic triangle. Additionally, "non-core" functions of the Chinese capital are expected to migrate here, including offices of some state-owned enterprises, government agencies, and research and development facilities.



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