(Yicai Global) Jan. 16 -- China's President Xi Jinping inspected the Xiongan New Area in North China's Hebei province today. China's official news outlet CGTN reported.
The area's main purposes are to serve as a development fulcrum for the Beijing-Tianjin-Hebei economic triangle and to take over many of Beijing's non-capital functions.
President Xi, also as general secretary of the Central Committee of the Communist Party of China, listened to the new area's overall planning, policies and current construction at a service center. He also conducted a video call with construction workers.
This is President Xi's second such visit in two years. He also visited Anxin County in Xiongan on Feb. 23, 2017.
Xiongan New Area-linked shares bobbed up on the news. Construction equipment maker Tangshan Jidong Equipment and Engineering [SHE:000856] clambered up over 7 percent at the start of afternoon trading.
Editor: Ben Armour