A new 10 billion yuan (1.5 billion dollar) government-backed fund was set up on Saturday to promote the development and integration of the region around China's capital, state media Xinhua said. The fund will promote the government's plan to integrate the economies of the cities of Beijing and Tianjin with the surrounding Hebei province.
The plan, dubbed Jing-Jin-Ji, was initiated in 2013 and was meant to break down "fortress economies" in the region that were blamed for widening income disparities and causing a "race to the bottom" on environmental law enforcement.
The fund will also push forward construction of the Xiongan New Area, Xinhua said. Xiongan is a new development in Hebei province that was announced on April 1 and is a key project of Chinese President Xi Jinping.
The fund announced on Saturday was set up by the National Development and Reform Commission, the Ministry of Finance, and the Ministry of Industry and Information Technology, and includes involvement from the China Development Bank and the regional governments of Beijing, Tianjin and Hebei.
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