Banks turn attention to Xiongan New Area

Aerial photo taken on April 1, 2017 shows Anxin county, North China's Hebei province.[Photo/Xinhua]

Chinese banks in Beijing are considering setting up institutions in the Xiongan New Area in Hebei province and offering innovative financial products, according to the Beijing office of China's banking regulator.

China Banking Regulatory Commission spokeswoman Jiang Ping said that after China announced plans to establish the Xiongan New Area, Chinese banks in Beijing begun forming leadership teams and many of them have begun investigating and surveying the Xiongan New Area.

Zhang Zhan, vice president of the Beijing branch of the Industrial and Commercial Bank of China, said ICBC's Beijing and Hebei branches were responsible for serving the Xiongan New Area. He said they were positively participating in the financing program of the Beijing-Xiongan high-speed rail and is also helping companies such as China Mobile, China Unicom, China Telecom, Sinopec Group develop businesses there.

China Development Bank is also an industry leader in the new area with the bank already offering financing services for land requisition, house removal and placement.