A new wave of demolition is comingYes, a new wave of demolition had arrived. The Ministry of Construction and the Ministry of Finance jointly issued a notice to expand the scope of urban village reconstruction from the previous 35 cities to 300 cities. Nearly half of the cities in the country could carry out urban village reconstruction, and the relocation households would be settled in monetary terms (that is, the relocation households would be given cash instead of housing). The main reasons for this move were as follows:
1. ** Remove real estate inventory **: The supply of real estate in the second, third, and fourth-tier cities in our country exceeds the demand. Many of the inventory houses are difficult to sell, affecting the return of developers and local financial revenue. Through the reconstruction of the urban village, the relocation funds would be given to the relocated households so that they could buy their own houses, thereby creating demand for houses and solving the problem of real estate inventory.
2. ** Stimulate employment **: The reconstruction of urban villages involves demolition, reconstruction, and infrastructure construction. It can stimulate related jobs such as architecture, design, construction, greenery, cleaning, and property management. After the renovation, the surrounding environment will be improved, and Ministores, restaurants, barbershops, etc. can be opened to promote relevant employment.
In addition, the General Office of the Ministry of Finance and the General Office of the Ministry of housing and urban development jointly issued a notice on May 6,2024. From 2024 onwards, the central government will support some cities to carry out urban regeneration demonstration work, focusing on supporting urban infrastructure renovation and transformation. Finally, 15 cities will be selected.(Including Shijiazhuang, Tai Yuan, Shen Yang, Shang Hai, Nan Jing, Hang Zhou, He Fei, Fu Zhou, Nan Chang, Qing Dao, Wu Han, Dong Guan, Chong Qing, Cheng Du and Xi An) as the first batch of cities for city regeneration action demonstration. These cities would take the lead in carrying out key projects such as the renovation of the urban underground pipe network, the construction and transformation of the sewage pipe network, the repair of municipal infrastructure, and the renovation of old areas.
The urban regeneration project of the demonstration city was not only the replacement of buildings, but also the comprehensive upgrade of urban culture, history and the quality of life of residents. This policy was expected to be implemented in more cities in the second half of 2027 after a three-year trial.
Take Hangzhou as an example. In 2024, the scale of land acquisition was relatively large. The planned land acquisition area was close to 80,000 mu, involving more than 340 areas, of which about 10%-15% involved house acquisition. The compensation methods and standards for land acquisition in different regions were different. There were compensation for things on the ground and comprehensive land price compensation according to different plots of land. The government had also proposed monetary relocation and planned to renovate one million urban villages and dilapidated houses.
The Ministry of Construction and the Ministry of Finance also introduced four major financial support policies, such as special debt (local governments borrow money from banks for specific projects such as urban reform and infrastructure construction), to provide financial support for large-scale demolition and renovation projects.
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Because of laissez-faire and higher competition as a result of market capitalism, immigrants provided a cheaper labor force. Advanced technology led to mass production which allowed products to be made and to be sold cheaper. The federal government was, for the most part, pro-business as reflected by its numerous economic policies. Farmers who created the Populist Party and Populist supporters advocated for less power given to corporations and increased government regulation. Labor unions fought primarily for workers’ rights and better working conditions; however, labor unions were successful to a small extent.