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Economy

White elephant spotted near Beijing

Planned Xiongan development area a distraction from needed reforms

| China
Aerial view of buildings in Xiongan New Area, Hebei Province   © Getty Images

In ancient China, elephants roamed as far north as Beijing. President Xi Jinping seems to have taken inspiration from those same beasts in his efforts to lead a Chinese renaissance.

The recently announced Xiongan New Area in Hebei Province, south of Beijing, will surely feature as one of the great white elephant stories of modern China.

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