Over the next three years, the plan aims to remove barriers impeding the flow and allocation of production factors, improve services for trade, investment and government affairs, and lower institutional transaction costs in the region, according to the National Development and Reform Commission.
The plan seeks to further regulate the region's market environment and address issues of local protectionism and market fragmentation. It will do this by optimizing business registration management, strengthening collaboration in fair competition review, and enhancing innovation cooperation across the region.
Efforts will also be made to protect the legitimate interests of businesses, unify regulatory enforcement standards, and deepen judicial cooperation. Government services will be made more convenient through data sharing and integration of offline and online offerings. Public services like education, healthcare and human resources will also be jointly developed and shared across the three regions.
The plan calls for high-level opening up in a collaborative manner. This includes advancing the development of digital trade, improving services for foreign firms, and further liberalizing and facilitating the region's trade.
For the Xiong'an New Area specifically, the government plans to provide better services to enterprises, open up key sectors further, and do more to support innovation and entrepreneurship. The plan also includes reforms to investment project approval, opening up the financial sector, and encouraging talent from Beijing to work and start businesses in Xiong'an.
This effort is part of China's broader strategy, initiated in 2014, to coordinate the development of Beijing and the surrounding Tianjin and Hebei regions. Official data shows the region's GDP expanded 90 percent in 2023 compared to 2013, and over 7,000 standards have been shared across the region as of May this year.
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