(March 24): Chinese President Xi Jinping called for greater efforts to develop his flagship metropolis near Beijing, renewing a sense of urgency to populate the city closely tied to his legacy. Billed as a high-tech city that could rival Shenzhen or Shanghai, Xiongan targets completion by mid-century and has a 2035 near-term development milestone. In practice, progress has been uneven since the plan was unveiled in 2017, with many residents and institutions slow to relocate. Unlike former leader Deng Xiaoping’s laissez-faire approach that led to Shenzhen’s disorderly but colossal growth, Xi has opted for meticulous planning to help his city avoid problems dogging other areas. The Chinese leader said Xiongan should drive growth through reform and innovation, push for development of new tech clusters and serve as a testing bed for innovative tech and financial policies.

Source: The Edge Markets March 24, 2026 07:34 UTC