Kevin Feige spent the last decade building the MCU to be a billion dollar multi-movie franchise. Still, in those ten years, there wasn't much diversity. Besides this year's Black Panther, Marvel has been filled with strong white men running around saving the world. To be honest, it isn't a slight on Feige. The majority of the heroes that founded The Avengers had to be made into movies first. In the comics though, The Avengers become much more diverse. It appears Feige is ready to start making that transition on screen as well.
According to Deadline, King Fu Master Shang-Chi has been fast-tracked to get his own film. In the comics, Chi was originally a martial arts master until they stepped up his level of mastery. Using Chi (much like Iron-Fist), Shang-Chi can punch through metal and brick, can dodge bullets, he's immune to many diseases to due training, and his fighting skills are ranked among the highest in the Marvel Universe. He's similar to Neo from the Matrix, without the flying and ability to scoop bullets out of people's chests.
Dave Callaham has been hired to write the script. Callaham has worked on the scripts of Wonder Woman 1984, Spider-Man: Into the Spider-Verse 2 (which has already been confirmed), The Godzilla reboot, and Zombieland 2. He also created the Expendables franchise.