A research company that focuses on green development in Xiongan New Area in North China's Hebei province has been recently set up to provide consulting services.

This is the first of its kind established in the area, said a report by thecover.cn.

Xiongan Green Research Think-tank Co (or Xiongan Lvyan Zhiku Co), registered with 50 million yuan ($7.5 million) in assets, is jointly invested by two companies from Shenzhen and the local state-owned China Xiongan Construction & Investment Group, according to the company's information revealed on the website of the National Enterprise Credit Information Publicity System.

By providing 40 percent of the registered capital, Xiongan Construction & Investment Group is the largest shareholder.

According to a cooperation agreement signed by the three, the research company will mainly provide first-class think-tank services on Xiongan's development of a green city, green industries and social services.

It will do research on low-carbon technology and green industry development, and also develop computer information technology.

The new area, about 100 kilometers southwest of Beijing and covering three counties in Hebei's Baoding City, was created on April 1 to house Beijing's non-capital functions.

According to plans for its development, it is designed to be a green, livable and modern urban area, led by innovation-driven development.

So far, about 50 high-end companies, including Alibaba, Tencent and Baidu, have set up branches in Xiongan, according to the area's management committee.

Among them, at least five are focused on green technology.

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