At a surprising meeting of China’s political elite, it was declared that a sea change is needed in the nation’s urban development – shifting from a phase of large-scale, incremental expansion to one focused on optimising and enhancing existing resources.
This time around, Beijing has been pursuing a new growth framework for the beleaguered property sector. Leadership has also vowed that migrant workers will receive more urban citizenship benefits.
With 67 per cent of its 1.4 billion people now living in urban areas, China needs to “proactively adapt to changing circumstances” and transform its approach to city planning, officials said at the conference.
After decades of rapid urbanisation, China’s city growth has now entered “a phase of stable development” where more focus should be put on human well-being, efficiency and governance, according to an official readout of the meeting. It was attended by President Xi Jinping and the other six members of the Politburo Standing Committee – the central leadership’s highest decision-making body.
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China GDP figures beat market forecasts despite looming US tariff risks
China GDP figures beat market forecasts despite looming US tariff risks
Officials vowed to intensify efforts to create a “new model” for China’s property development, and renovations of urban villages and repairs to dilapidated housing are among the focal points.