Core Insights - China's urbanization is transitioning from a rapid growth phase to a stable development phase, with a focus on improving existing urban areas rather than large-scale expansion [1] - Urban renewal is essential for transforming urban development methods and enhancing the quality of urban life, serving as a key driver for high-quality urban development [1] Local Practices - Local enthusiasm for urban renewal is high, with successful projects yielding significant economic and social benefits [2] - Beijing's urban renewal regulations categorize projects into five types, providing guidelines for stakeholders [2] - Successful examples include the renovation of old buildings in Fengtai District, which improved living conditions and property values, and the revitalization of Chongqing's old neighborhoods into vibrant urban spaces [2] - Hefei's project combines cultural and commercial elements to transform old warehouses into new consumer spaces, driving economic activity [2] Implementation Strategies - Establishing detailed implementation guidelines and supportive policies is crucial for effective urban renewal [3] - A comprehensive planning system should be developed, integrating special planning, area strategies, and project implementation [3] - A multi-departmental collaborative mechanism is needed to streamline project approvals and resource allocation [3] Financing Models - Innovative financing models are necessary to ensure sustainable urban renewal, with a clear investment return mechanism [4] - Government funding plays a critical role in guiding urban renewal projects, emphasizing the need for a diversified funding approach [4] - Development of tailored financial products and long-term, low-interest loans is essential to support urban renewal projects [4] - Encouraging the establishment of public REITs can help unlock asset value and broaden financing channels [4]