The Shaanxi provincial finance office got some State-owned and local banks and other finance agencies to visit the Xixian New Area, on July 25, to consider cooperation, with the result that, more than 50 financial institutions, agreed to lend their support, China Daily learned

The Xixian New Area is a State-level urban development project in Shaanxi, and the head of the provincial financial office, Zhou Binxian, voiced the opinion that the financial institutions involved need to use their respective advantages to increase cooperation with the new area to promote more rapid development. Meanwhile, the head of the Xi’an branch of the People’s Bank of China, Guo Xinming, said that the banks will improve their financial services to support any projects in the area.

In response, Wang Jun, deputy director of the area’s management, told the financial institutions that the area is really looking forward to cooperating with the financial institutions in investment and funds for infrastructure and other projects.

The New Area was established on June 13, 2011 with State Council approval, between Xi’an, the Shaanxi capital, and the city of Xianyang. Its planned total area is 882 square kilometers, to be used for a new urban area with a population of more than 2 million, and a GDP of 170 billion yuan ($27.7 billion) by the end of 2020.