QIN Hong: The Path to Sustainable Urban Renewal in the Future

It is obviously unsustainable to build a sustainable urban renewal model through substantial fiscal investment all the way. Going forward, both market participation and social engagement will be crucial.

A comprehensive and actionable policy system must be established. This not only requires the guidance of national policies, which can chart a course at the regulatory level, but also city-level policies and legislation, which can ensure law-based decision-making. Most critically, policy implementation at the project level is indispensable, so that implementing entities can be fully empowered to innovate and make breakthroughs in accordance with the law.

Apart from policy reshaping, innovation is also required in operation, which should shift from the traditional development thinking to the concept of urban renewal. In the past, we developed real estate based on land; in the future, we will revitalize assets by developing industries.

Urban renewal is about more than upgrading of physical spaces, the core of which is the renewal of productive forces. Policy support, in conjunction with financial and operational innovation, is the path to sustainable urban renewal in the future. Meanwhile, urban renewal will be an important strategy that can boost domestic economic flows. The arrival of policy dividends and market opportunities surely will open up new markets for enterprises, which are expected to seize these opportunities.

(Translated excerpts from the article titled "The Path to Sustainable Urban Renewal in the Future" by QIN Hong, Senior Researcher at the National Academy of Development and Strategy, Renmin University of China, in Beijing Daily.)

Linkage:[Beijing Daily] QIN Hong: The Path to Sustainable Urban Renewal in the Future (in Chinese)