China is stepping up its urban renewal efforts with new measures announced on Monday aimed at transforming city living and boosting economic growth. The initiative focuses on improving infrastructure, enhancing urban functions, and driving high-quality development across the country.
At a press conference held by the State Council Information Office, senior officials from multiple ministries outlined the ambitious strategy. The campaign is expected to stimulate investment and consumer spending, helping to expand domestic demand.
With an urbanization rate projected to reach 67% by the end of 2024—equivalent to 940 million urban residents—China is shifting its focus from expanding cities to upgrading existing spaces. Officials described this as a new phase in urban growth, centered on quality and resilience.
By the end of last year, China had launched renovation projects in 280,000 old residential communities, benefiting around 48 million households, or more than 120 million people. These upgrades aim to improve living conditions and modernize facilities.
To support the next stage, authorities have introduced a national roadmap for urban renewal with clear goals and timelines. Investments will be directed towards upgrading infrastructure, improving public services, and enhancing urban safety.
A diversified financing system is also in the works. Financial institutions are developing tailored lending products to fund renewal efforts, ensuring steady support for key projects. The National Financial Regulatory Administration is drafting dedicated loan management rules to oversee this funding.
"The urban renewal initiative is vital for improving city life and plays an important role in boosting China’s long-term economic vitality," said Qin Haixiang, vice minister of housing and urban-rural development.
This renewed focus on urban renewal is expected to not only enhance the quality of life for millions of residents but also to drive sustainable economic growth in the years to come.
