Urban renewal calls for diversified funding sources

A diversified funding mechanism is needed to support China's accelerating urban renewal efforts, as such projects typically involve sizable investments and extended timelines, with government financing and private investment working in tandem, experts have said.

By the end of 2024, China's urbanization rate reached 67 percent, with 943.5 million people living in urban areas, according to data from the National Bureau of Statistics.

"This has prompted a shift in China's urban development strategy, with a greater emphasis on revitalizing existing facilities rather than large-scale expansion," said Yang Baojun, president of the Urban Planning Society of China.