National Development and Reform Commission: The special investment plan for urban renewal will be issued by the end of June.

At 5 Moon 20 At a press conference held by the State Council Information Office, Zhao Chengfeng, head of the Fixed-Asset Investment Department of the National Development and Reform Commission, revealed that, in active response to the requirements set forth at the Central Economic Work Conference and the meetings of the Political Bureau of the CPC Central Committee regarding urban renewal, the NDRC is vigorously promoting urban renewal initiatives. Currently, it has been clearly stated that this year... 6 To be issued by the end of the month 2025 Annual Special Central Budget Investment Plan for Urban Renewal.

As a key strategy for stabilizing investment and boosting consumption at this stage, urban renewal initiatives are of paramount importance—this goes without saying. The Central Economic Work Conference emphasized the need to vigorously implement urban renewal. 4 Moon 25 The recent meeting of the Central Political Bureau further called for stepping up efforts to advance urban renewal initiatives. As a key spatial platform for high-quality economic development and a high-quality life for the people, implementing urban renewal initiatives carries multiple positive implications. On the one hand, it can effectively address shortcomings in urban infrastructure, significantly enhancing the sustainability and livability of urban development. On the other hand, it can fully unleash tremendous domestic demand potential, providing strong support for fostering new drivers of growth.

In recent years, the National Development and Reform Commission has firmly implemented the decisions and deployments of the Party Central Committee and the State Council, earnestly fulfilled its own responsibilities, and provided full support for urban renewal projects by coordinating funds from various relevant channels. In terms of financial support, it has primarily relied on four channels:

1. Investment from the central budget: Since “ 14th Five-Year Plan ” Since then, more than has been arranged cumulatively. 4700 Hundred million yuan will be allocated, with a focus on supporting underground pipeline renovation projects such as urban gas and drainage systems, as well as complementary infrastructure construction projects including the renovation of old residential areas in towns and cities and the transformation of villages within urban areas.

2. 2023 Annual issuance of government bonds: A total of [number] have been arranged. 1400 The additional issuance of national bonds worth hundreds of millions of yuan will be specifically allocated to support the construction of urban drainage and flood-control facilities, thereby enhancing cities’ ability to cope with extreme weather events.

3. Ultra-long term Special Government Bonds ： Since 2024 Starting from [year], the construction and renovation of urban underground pipe networks will be incorporated. “ Double layer ” The scope of support for construction, as of now, has allocated special government bonds with ultra-long terms totaling over... 2900 Hundreds of millions of yuan have strongly propelled the upgrading and modernization of urban underground pipe networks.

4. Issuing special bonds for local governments: Actively support various urban renewal projects, including the renovation of eligible municipal infrastructure, the transformation of old residential areas in towns and cities, the redevelopment of villages within urban areas, and the upgrading of aging neighborhoods (including industrial zones), thereby providing diversified funding sources for urban renewal.

Looking ahead, the National Development and Reform Commission will strictly follow the decisions and deployments of the Party Central Committee, in line with its own division of responsibilities, and continue to deepen the implementation of urban renewal initiatives. On the one hand, it will keep coordinating and making good use of various investment channels to further intensify support for urban renewal projects. On the other hand, it will actively promote urban renewal efforts by focusing on innovating investment and financing models, improving operational and maintenance systems, and refining pricing and fee mechanisms. “ Soft construction ” To build a more comprehensive urban renewal ecosystem. Specifically, we will focus on advancing the following three areas of work:

1. Steadily and orderly advance the implementation of key urban renewal projects: Uphold “ Overall planning with a focus on key priorities. “” Prioritize urgency over importance and implement in stages. “” Government guidance, market operation ” On the principle of prioritizing the implementation of foundational projects—such as enhancing the safety of urban underground pipelines and networks that directly affect public safety and people’s livelihoods, upgrading aging residential areas to make them more livable, comprehensively renovating urban villages, and upgrading municipal infrastructure—to genuinely address the urgent, difficult, and pressing concerns of the public. On this basis, and in light of local conditions, we will steadily advance, tailored to specific circumstances, upgrading projects aimed at transforming and improving the quality of old neighborhoods (industrial zones) and enhancing the functionality of urban public spaces, thereby continuously elevating the city’s overall quality and image. At the same time, we will strengthen guidance for city governments, helping them to scientifically and rationally plan specific urban renewal projects and ensuring the feasibility and sustainability of these projects.

2. Continuously increase the intensity of central investment support: 2025 This year, the central government has established a special fund within the national budget specifically for urban renewal, aimed at supporting the construction of public-benefit infrastructure and public service facilities related to urban renewal. Building on existing projects that support the renovation of old residential areas in towns and cities as well as the transformation of villages within urban centers, the scope has been further expanded to include projects focused on upgrading and transforming dilapidated and aging housing units and outdated urban districts (including industrial zones). Currently, the National Development and Reform Commission is vigorously organizing activities such as project application submissions and review processes, and it is expected that these efforts will be completed this year. 6 To be officially issued before the end of the month. 2025 The annual special central budget investment plan for urban renewal provides timely and robust financial support for urban renewal projects. In addition, ... “ Double layer ” In the funding arrangement for ultra-long-term special government bonds, support will continue to be provided for urban underground pipeline network and infrastructure construction and renovation projects. At the same time, local government special bonds will be fully utilized to sustainably support the construction of eligible urban renewal projects, thereby establishing a comprehensive, multi-level funding support system.

3. Actively promote innovation in investment and financing models: Given the substantial investment required for urban renewal projects, relying solely on government funding is far from sufficient. Therefore, it is essential to establish a diversified, multi-tiered funding mechanism. The National Development and Reform Commission will focus on perfecting the investment mechanism and enhancing investment efficiency as its core objectives, fully mobilizing all relevant parties to actively participate in urban renewal. For project areas with a higher degree of marketization and stronger operational characteristics, we will further leverage the role of market mechanisms to stimulate the enthusiasm and creativity of market entities. For sectors with moderate returns and where social capital demonstrates investment interest, we will fully harness the new mechanisms of public-private partnerships and real estate investment trusts (REITs) in the infrastructure sector. REITs and other such measures, to broaden financing channels and attract more social capital to participate. At the same time, we will actively guide and support policy banks’ special-purpose loans and bank credit funds to play a greater role in project construction, thereby creating synergies in financial support. In addition, we encourage localities to delve deeply into the value of projects and boldly explore innovative urban renewal models. For projects that demonstrate strong innovation in their investment and financing models and serve as excellent examples, central government investment will be given priority support, so as to drive comprehensive and innovative development of urban renewal efforts by focusing on specific pilot projects and expanding their impact nationwide.