Over 60,000 urban renewal projects launched in China in 2024

BEIJING -- China initiated over 60,000 urban renewal projects in 2024 as part of its ongoing efforts to transform cities into more resilient and intelligent areas that are desirable to live in, the Ministry of Housing and Urban-Rural Development said on Tuesday.

These projects drew a total investment of 2.9 trillion yuan (about $404.4 billion) and have begun to show significant results, according to the ministry.

Local governments have intensified support for urban renewal by introducing measures in areas such as land use and planning, along with fiscal, tax and financial assistance, the ministry said.

For instance, 12 provincial-level regions have issued nearly 100 billion yuan in special bonds to fund urban renewal, while 28 cities have allocated dedicated funds for the initiative.

Various localities have also explored ways to attract social capital participation, such as government-enterprise cooperation, franchising and enterprise contracting, the ministry added.

Earlier this month, an executive meeting of China's State Council outlined the latest priorities for urban renewal, urging governments at all levels to focus on renovating old neighborhoods and factories, as well as transforming shantytowns.

The meeting also emphasized the importance of upgrading urban infrastructure, restoring urban ecosystems and preserving urban historical and cultural heritage.