2000 sq km special economic zone for Hebei: President Xi
President Xi Jinping on Saturday proposed the creation of a special economic zone to rival Pudong and Shenzhen in Xiongan, a district in the northern province of Hebei, reported Xinhua. The initial area will be 100 square kilometers, expanding to 2000 square kilometers once fully developed, Xinhua said. The move sparked concern over property prices, with the Xiongan city government ordering a halt on sales as the city government deliberates on policy and planning, Sina Finance said.
Party reassigns Shenzhen chief to senior post in Hebei
The Communist Party Secretary of Shenzhen, Xu Qin, has been reassigned as Hebei’s provincial deputy party chief since Saturday, Caixin reported, quoting the official Hebei Daily. The decision followed President Xi Jinping’s move to set up Xiongan district as special economic zone in Hebei. The Shenzhen Special Economic Zone, set up in May 1980, has seen rapid economic growth. Xu’s predecessor in Hebei is now a member of the party’s standing committee of northeastern Heilongjiang province.
Jinan city party boss promoted to Shandong deputy leader
The Communist Party Secretary of Jinan, Wang Wentao, has been promoted as Shandong’s provincial deputy party boss since Saturday, Caixin reported. Wang Wentao had been the city party secretary since 2015, replacing Wang Min who was investigated for corruption as part of President Xi Jinping’s graft crackdown in 2014, Caixin said.
Ministry sets limit on new local government debt
A Ministry of Finance document issues guidelines for managing new local government debt, Caixin said on Saturday. The document debt could not be higher or lower than a limit based on a “volatile range” defined by the ministry. It did not specify the range.
66% increase in IPO approval rate in first quarter of 2017
Listing applications from 103 companies had been approved in the first three months of this year, China Securities Journal reported. The China Securities Regulatory Commission said it was a more than 66% increase compared to same period last year and a 7% uptick compared to the previous quarter. Approval efficiency has also improved, with some companies getting the green light in less than a month.
The China Digest will resume on April 5 after the Qing Ming public holiday.