城市更新系列研究（一）：粗放改造到精细运营：我国城市更新特点、业务模式与存在问题探析

Report Industry Investment Rating No investment rating information is provided in the content. Core Viewpoints of the Report China's urban renewal has entered the stage of stock quality improvement and systematic urban renewal since 2020. Although positive results have been achieved in practice, there are still deep - seated problems. It is necessary to promote the transformation from extensive renovation to refined operation through multi - dimensional coordinated efforts [11]. Summary by Relevant Catalogs 1. Historical Evolution and Current Characteristics of China's Urban Renewal - Three Historical Stages: China's large - scale urban construction and renovation activities since reform and opening - up can be divided into three stages: the urban function reconstruction and incremental land development stage (1978 - 2007), the shantytown and dilapidated housing renovation stage (2008 - 2019), and the stock quality improvement and systematic urban renewal stage (since 2020). The current stage has the characteristics of more refined renovation models, deeper connotations, more diversified subjects, and more market - oriented financing models [12][13]. - Four Current Characteristics: - From "Large - scale Demolition and Reconstruction" to "Retention, Renovation, and Demolition": The current stage controls large - scale demolition, construction increase, and relocation, encourages organic renewal based on retention, and respects historical and cultural heritage [2][15]. - From "External Renewal" to "Comprehensive Improvement": It focuses on the improvement of urban functions and the enhancement of regional values, considering aspects such as industry, culture, and public services [2][16]. - From "Government - led" to "Multi - governance by Government, Market, and Society": The government shifts to top - level design and supervision, market entities play a leading role in project implementation, and residents become active participants [3][17]. - Diversification and Marketization of Financing Modes: A multi - level financing system is being constructed, with fiscal funds changing from "direct investment" to "leveraging", and social capital shifting to long - term value investment [3][19]. 2. Main Content and Business Models of China's Current Urban Renewal - Main Content Classification: There are four main types: comprehensive residential area renovation and renewal, urban business form upgrading and renewal, urban facility improvement and function upgrading renewal, and ecological and historical and cultural protection and renewal [4][22]. - Business Model Classification: From the perspective of the initiator, it can be divided into government - led renewal, market - led renewal, and multi - cooperation renewal. In practice, projects may combine different business models according to various factors [4][22]. - Details of Each Type: - Comprehensive Residential Area Renovation and Renewal: It is mainly government - led with strong public welfare and increased resident participation. It focuses on the renovation of old urban communities and villages in the city, with financial funds as the main source of funds, and social capital can be involved in attractive projects. Many positive results have been achieved in practice [4][24][25]. - Urban Business Form Upgrading and Renewal: Driven by capital, it is mainly market - oriented development, covering the renewal of old blocks and old factories. It promotes consumption and industrial upgrading, and the capital sources are diverse [6][26]. - Urban Facility Improvement and Function Upgrading Renewal: It has strong basic and public welfare characteristics, is mainly government - led, and appropriately introduces social capital. It aims to improve the overall carrying capacity and functions of the city [6][29]. - Ecological and Historical and Cultural Protection and Renewal: It combines public welfare and business operations, is mainly government - led, and promotes multi - format development and protection. It aims to protect the ecological base and historical context of the city [7][32]. 3. Problems Faced by China's Urban Renewal and Relevant Suggestions - Problems: - Lack of Sustainability and System in Renovation Planning: There are problems in both vertical and horizontal planning, resulting in inefficiencies and a lack of regional characteristics [8][37][38]. - Low Investment Return Rate and Complex Game with Property Owners: Urban renewal projects have high upfront investment, long return periods, and limited returns. The complex property rights situation also reduces the enthusiasm of social capital [9][39]. - Difficulty in Intrinsic Improvement: Some projects remain at the surface level, and the effects of industrial upgrading and domestic demand stimulation are not fully realized [8][40]. - Incomplete Legal and Policy Systems and Insufficient Regulatory Coordination: There is a lack of systematic laws and regulations at the central and local levels, and multi - departmental supervision lacks coordination [9][41][42]. - Suggestions: - Improve Top - level Design: Use the compilation of the "15th Five - Year Plan" as an opportunity to build a sustainable urban renewal framework and establish a dynamic adjustment mechanism [10][43]. - Innovate Investment and Financing Modes: Increase policy support, innovate financing tools, simplify property rights transactions, and improve risk - sharing mechanisms to attract social capital [10][43]. - Focus on Connotative Renewal: Integrate urban renewal into the overall upgrading of the regional economy, society, and culture, and ensure policy, function, and service coordination [10][43]. - Improve the Legal System and Strengthen Regulatory Coordination: Promote the introduction of the "Urban Renewal Law", improve supporting regulations at the local level, and establish a cross - departmental joint meeting system [10][43].