Xi Renews Push to Develop New High-Tech City Outside Beijing

Article content(Bloomberg) — 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.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe Chinese leader on Monday urged “more vigorous” measures to migrate the non-capital functions of Beijing to Xiongan, a development zone that would serve as a release valve for the crowded Chinese capital some 100 kilometers (62 miles) away, the official Xinhua News Agency reported.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentThe government must “proactively and prudently” push for the relocation of state-owned enterprises, universities and hospitals, as well as “orderly” relocate financial institutions and research institutes, Xi was cited as saying.Article contentArticle contentThe stern exhortation from Xi’s first trip to the region since 2023 reflects his desire to scale a project of “millennial significance” almost a decade after it was conceived. 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.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentIn practice, progress has been uneven since the plan was unveiled in 2017, with many residents and institutions slow to relocate. Article contentXi sought to dispel any doubts about his vision as he reiterated on Monday that the authorities’ decision to build the Xiongan New Area is “entirely correct,” according to the Xinhua report. Article contentUnlike 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. For example, Xiongan has imposed strict controls on home prices to fend off speculators, adhering to Xi’s mantra that “housing is for living, not for speculation.” Article contentThe city is also being selective about which industries it welcomes, encouraging companies working in information technology, biomedical and new energy sectors and eliminating what it calls traditional industries.Article contentThat emphasis on emerging technologies was apparent during Xi’s visit. 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. Article content(Updates throughout.)Article contentTrending Saudis and UAE Take Steps Toward Joining Iran War, WSJ Reports PMN Business 'Bleeding businesses': Number of active companies that depend on U.S. is dropping in Canada Economy Garry Marr: Why it could be the right time to walk away from your real estate Personal Finance Canada not tracking foreign students after visas lapse, auditor general says Economy Subscriber only. Hey Canadians, want to build a pipeline? Your pension might just help you do it Subscriber only Investor Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Saudis and UAE Take Steps Toward Joining Iran War, WSJ Reports PMN Business 'Bleeding businesses': Number of active companies that depend on U.S. is dropping in Canada Economy Garry Marr: Why it could be the right time to walk away from your real estate Personal Finance Canada not tracking foreign students after visas lapse, auditor general says Economy Subscriber only. Hey Canadians, want to build a pipeline? Your pension might just help you do it Subscriber only Investor