China's Shift in Urban Planning: From Expansion to Sustainability

China is embarking on a new era of urban development, prioritizing liveability, sustainability, and resilience. This shift marks a departure from the previous period of rapid urban expansion, which generated significant economic growth but also created 'ghost cities' characterized by vacant properties and speculative investments.

During the Central Urban Work Conference, President Xi Jinping and other top leaders acknowledged the transition in urbanization from high-speed growth to a focus on improving existing urban environments. The meeting, the first of its kind in a decade, highlighted the necessity for quality and efficiency over large-scale expansion.

Despite the challenges posed by the oversupplied and fragile property market, China intends to proceed with a thoughtful approach to urban renewal. The strategy aims to transform the property sector from an economic driver to a byproduct of broader economic activities. Focus will also be on developing urban infrastructure that supports a green, low-carbon future.

(With inputs from agencies.)