China to support urban renewal projects to advance new urbanization

More efforts will be made for key urban renewal projects, with the goal of fully releasing huge potential of new urbanization and generating new drivers of economic growth, said Liu Sushe, deputy director of the National Development and Reform Commission (NDRC), the country's top economic planner, in Beijing on Tuesday.

Liu made the remarks at a press briefing that was held by the State Council Information Office on systematically implementing a package of incremental policies to solidly promote economic growth, structural optimization and sustained momentum of development.

According to Liu, China's urban development has entered a phase where both new construction and the renewal of existing infrastructure are of equal importance, with the latter facing an increasingly heavier burden.

The renovation of urban underground utility networks, such as gas, water supply, drainage, and heating systems, will require the installation of nearly 600,000 kilometers of new pipelines and cost up to around 4 trillion yuan (around 567.18 billion U.S. dollars) over the next five years.

Looking ahead, China will take a phased approach to implement the urban renewal and renovation projects, according to Liu.

Priority will be given to projects that can enhance public safety and improve people's livelihood, such as the refurbishment of aging urban residential communities and neighborhoods and the revitalization of urban villages, Liu added.

At the start of the press briefing, the NDRC announced investment projects valued at 200 billion yuan (about some 28.35 billion U.S. dollars) that are in next year's plans will be released in advance this year to support the implementation of major national strategies and building up of security capacity in key areas.

"[In the pre-allocation funds,] we will give priority to a batch of key urban renewal projects. Currently, the financial demand for urban underground utility network is substantial, and we hope to prioritize support for these key projects. For the 2023-2024 period, the NDRC has earmarked over 470 billion yuan from the central budget, the issuance of additional government bonds, and ultra-long special treasury bonds, with a particular focus on the renovation of urban gas and drainage networks and the renovation of old urban residential communities, among others," Liu said.

China to support urban renewal projects to advance new urbanization

China's achievements and cooperation initiatives in the technology and innovation sector have been highlighted at the ongoing Zhongguancun Forum (ZGC Forum) in Beijing.

The five-day forum opened on Wednesday and has attracted over 1,000 guests from more than 100 countries and regions to exchange views under the theme of "Full Integration Between Technological and Industrial Innovation".

This year's event showcased over 500 cutting-edge achievements across fields such as embodied intelligence, smart manufacturing and biomedicine, fully demonstrating China's latest scientific and technological advancements and innovations.

"[I'm] really impressed about the level of modernization and dynamism of the technology industry and AI here in China. We need support, commitment and leadership. China is providing all of them and in particular in the emerging technologies, including AI," said Sergio Mujica, secretary-general of the International Organization for Standardization.

At the forum's annual meeting, 60 parallel sessions are scheduled -- 21 of them debuting this year -- furthering global technology exchange.

"China is opening its full technical infrastructure to the world, and I think specifically for the Global South. This acts as a major advancement and it shows the level of responsibility and openness that China is showing towards the advancement of science and the collaboration," said Said Taha, a consultant for the Egyptian Ministry of Education.

At the 2026 Zhongguancun International Technology Trade Fair, part of the ZGC Forum, over 500 high-quality projects and scientific and technological achievements were on display, establishing a multi-level, wide-ranging platform for technology transaction and cooperation.

The attendees hailed the fair for bringing together global companies and facilitating exchanges.

"The innovation here in China is so attractive that a lot of global companies are coming to China in order to do the business deals in order to bring the products to the global markets," said Joseph Scheeren, member of the French National Academy of Pharmacy.

"The ZGC Forum provides an open platform for dialogue, and we hope to participate in more international cooperation in the future to promote Chinese technology and products to the world," said Yang Zhilin, CEO of Moonshot AI, a Chinese tech company.

China's technological contributions highlighted at Zhongguancun Forum