China's State Council on July 30 approved the establishment of the Caofeidian New Area, in Hebei province.
The zone is a 4.59-square kilometer area slated for high-end services and the advanced equipment manufacturing industry, said a statement on the website of the Caofeidian New Area.
Preferential policies from the central and the provincial government for the zone will promote high-tech industries with high-added value, high taxation-generating potential and comprehensive logistics.
The zone - the first in the province - is now open to investment. A total of 18 projects are already inked with investments of 3.5 billion yuan ($553.3 million) and 17 projects with a total investment of 4 billion yuan are being negotiated.
The zone neighbors Beijing and Tianjin and will radiate its influence to the northeast, north and northwest areas.
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