增长转型最后的机会——城市更新的财务陷阱

LAST CHANCE FOR GROWTH TRANSFORMATION:THE FINANCIAL PITFALLS OF URBAN REGENERATION

随着城市化1.0阶段进入尾声,“城市更新”正在取代“成片开发”成为助推经济增长的新一级火箭。由于独特的财税制度,中国城市更新的背后是城市化从资本增长阶段向运营增长阶段的转型,必须从一个更高的维度讨论城市更新的财务问题。当下更新模式所面对的财务陷阱,正让许多城市挥霍了其城市化的“最后一桶金”,损失了跨越增长鸿沟实现增长转型最后的资本。城市更新更根本的目标是创造可持续的财务现金流,“好的城市更新”可以帮助地方政府完成从房地产市场向股票市场的迁移,实现城市化从高速度向高质量的转换。

As phase 1.0 of urbanization comes to an end,"urban regeneration",by replacing"largescale development",has become a new engine to boost economic growth.Due to theunique fiscal and taxation system,China's urban regeneration is actually the transformation of urbanization from the capital growth stage to the operational growth stage,which requires addressing financial issues of urban regeneration from a higher dimension.The financial pitfalls in the current regeneration mode are causing a waste of the final capital in many cities that originally could help bridge the growth gap and achieve growth transformation.The fundamental goal of urban regeneration is to create sustainable financial cash flows,and"good urban regeneration"can help local governments complete the transfer from the real estate market to the stock market and achieve the transformation of urbanization from high speed to high quality.