China's Xiong'An New Area and the Greater Bay Area of Guangdong, Hong Kong and Macao are among the topics discussed at the Boao Forum for Asia. Participants say these regional strategies represent China's 21st Century development philosophy. CGTN's Yang Chengxi explains.

Many Chinese cities and areas are reknown for being part of the country's flagship reform and opening up efforts. They represented the different development phases of China. Shenzhen embodied the beginning of the country's trade-driven growth phase. Shanghai's Pudong financial district symbolized the investment-driven phase. And now, China's fresh initiative, the Xiong'An New Area in Hebei, is part of the country's next phase.

YVONNE ZHOU, PARTNER & MANAGING DIRECTOR BOSTON CONSULTING GROUP "Versus right now, Xiong'an is representing a new age. This is when we are switching to innovation driven development phase."

By the first anniversary of its founding this April, the zone had already attracted and registered more than a hundred high-tech companies. China's top three tech powerhouses -- Baidu, Alibaba and Tencent -- have all launched projects there. However, a lot of infrastructure still has to be developed to accommodate companies and their staff. The New Development Bank, formed by BRICS nations, is in talks with the local government to assist in the building of Xiong'An.

XIAN ZHU, VICE PRESIDENT NEW DEVELOPMENT BANK "For the first round of infrastructure in Xiong'an, we can provide quick financing. At the same time, we also focus on the new way of doing business, making infrastructure that is not really physically what we see in other cities, but making it more innovative, more digitalized, more green and sustainable."

Over the past few years, the Chinese government has been active in promoting regional strategies. Apart from Xiong'An, there is also the Greater Bay Area of Guangdong, Hong Kong and Macao.

YVONNE ZHOU, PARTNER & MANAGING DIRECTOR BOSTON CONSULTING GROUP "On the coordinated regional efforts. Before, China was like many different companies in the free market... competing with each other, so that's great for GDP growth. But now we are talking about more coordination, more differentiated positioning of the city, so the whole cluster actually could become a much more powerful base than one individual city."

YANG CHENGXI BOAO, HAINAN "Experts say these ambitious regional strategies represent the development philosophy of today's China. A recognition that further openness and innovation is the way to succeed in the 21st century.YCX CGTN, BOAO, Hainan Province."