China plans to remodel its urban modernization from city expansion to smart growth and living improvements, according to the Central Urban Work Conference held on July 14 and 15. Focusing on the renovation of shantytowns and rundown residential areas, protection of historic sites and construction of smart and green blocks, the renewal is projected to attract an investment estimated at 2 to 3 trillion yuan (US$280-420b) equal to 1.5 to 2.2 percent of GDP in 2024. Following China’s rapid urbanization since 1978, this urban renewal aims to address problems like highly concentrated epidemic outbreaks, traffic congestion and air pollution. It will improve the layout of underground pipes, install elevators in old mid-rise residential buildings, add facilities for disabled groups and expand parking areas. According to China Galaxy Securities, this new round of urban renovation will enhance consumption rather than promote individual or corporate property speculation.
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