Xiongan New Area disclosed on Monday that it has established a State-owned company for the investment and construction of local infrastructure and other facilities, a major step toward creating a new economic zone in the area.

The company - China Xiongan Construction & Investment Group Co Ltd - was set up on July 18 in Rongcheng county in North China's Hebei province, with a registered capital of 10 billion yuan ($1.5 billion), according to the website of the National Enterprise Credit Information Publicity System.

It was approved by Hebei provincial government, which is also the only shareholder of the company.