Xiongan New Area authority announced on Monday that a State-owned company has been formed for investment in and construction of the new area's infrastructure and facilities.

China Xiongan Construction and Investment Group Co Ltd completed its business registration on July 18 in Rongcheng county in North China's Hebei province. According to the website of the National Enterprise Credit Information Publicity System, it has a registered capital of 10 billion yuan ($1.5 billion), and Hebei provincial government is the only shareholder in the company.

The SOE will be responsible for establishing an investment and financing system for the new area, as well as introducing social capital and launching public-private partnership projects.

The company will also be responsible for the management and operation of a system to protect the environment of Baiyangdian and the development of the wetland as a tourism resource. In addition, the company will also participate in the development and construction of industrial zones and projects within the new area.

The establishment of the company is regarded as a major step toward creating a new economic zone, and it is expected the company will help build a first class investment and financing platform for the development of the new area.