Magnolia

Barn Field

A few months ago I brought a bare root Magnolia (Pink Satisfaction) plant,  I planted it in a large terrocotta pot,  Until the last few days there were no signs of growth anywhere on it.  The bark,if that is the correct term, on it is a pinky colour and there now are new shoots  growing just above the base of the plant, 

My question is should I leave the Magnolia as it is or should I cut the stem off above the new growth?  I would appreciate your advice which will encourage this plant to grow as I very nearly gave up on it until the new growth appeared.