Inside China’s $580BN Futuristic City “Xiong’an”
The “New Area” of Xiong’an is part of a larger effort to establish China as a leader in urban development and to incorporate new technology into infrastructure. Some see the initiative as a strategic attempt by President Xi Jinping to launch an urban miracle during his presidency.
Shenzhen and Pudong are two of China’s most prominent cities. Deng Xiaoping is credited for converting Shenzhen from a poor fishing town into a high-tech city. Jiang Zemin can boast of transforming the once-drab Pudong District into a vital financial hub. Xiong’an is the first of its sort to win simultaneous approval from the Communist Party and the State Council. The leadership has already vowed to invest billions of dollars in the “New Area” over the next few years. Analysts worry that it may fall short of the objective of replicating the triumphs of Shenzhen and Pudong.
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