Recently, Tsinghua PBC School of Finance held the Tsinghua PBC Global Financial Forum Regional Forum at the 13th China (Guangzhou) International Financial Exchange & Expo. The forum was hosted by PBC School of Finance, Tsinghua University, supported by the Office of the Financial Commission of the CPC Guangdong Provincial Committee, the Office of the Financial Commission of the Guangzhou Municipal Committee of the CPC, and Bank of Guangzhou Co., Ltd., and organized by Beijing Qingkong Financial Media Culture Technology Co., Ltd., Guangzhou Financial Fair Investment Management Co., Ltd., and the editorial department of Tsinghua Financial Review. With the theme of "New Industries, New Models, New Momentum - Helping the Construction of a Strong Country with High-quality Financial Development", the forum lasted for one day, and set up six major topics: "Technology and Finance Empowering New Quality Productivity", "Financial Innovation Accelerating and Empowering the Development of Free Trade Zones", "Developing Digital Finance and Building a New Ecological Pattern", "The Road to Sustainable Development of Inclusive Finance", "Insights and Layout of Green Investment and Financing", and "Financial Power Boosting Urban Renewal and Diversified Development". To provide advice on the economic and financial development of the Guangdong-Hong Kong-Macao Greater Bay Area and Guangdong Province.
Zhang Yang, deputy chief planner of Beijing Tsinghua Tongheng Planning and Design Institute Co., Ltd., delivered a keynote speech. He mentioned that in the macroeconomic context, as the urbanization rate reaches a certain level, further economic growth needs to rely on the transformation and upgrading of stock to provide further support. Urban renewal is not only a spatial transformation, but also an important means of value enhancement and appreciation. However, urban renewal faces four main problems: the full use of the location value of the renewal area, the balance between capital investment and value, the improvement of the participation of social forces, and the effective guarantee of the value-added path of operation. Therefore, it is urgent to rely on value judgment and excavation, as well as adopt a compound value-added model integrating design, investment, construction and operation in urban renewal, which is an effective means to ensure the growth of urban space value. In conclusion, urban renewal is an important way to promote economic regeneration in the stock era, and it should realize the full participation of efficient finance and other elements through value appreciation and value sharing.
The picture shows Zhang Yang sharing
The following is the full text of the guest speech:
Distinguished leaders and guests,
What I am sharing today is my practical thinking on the value understanding and methods of urban renewal.
From the general trend of economic development, it can be seen that the growth trend of new real estate area has been accompanied by the rapid growth of the urban economy in the past, and a large number of scenarios of real estate construction, whether it is new buildings, industrial parks, and real estate, are actually to provide space for the creation of economic value, and also to serve the creation of economic value. We hope to continue to compare this trend with the current scenario, what kind of scenario are we facing now? It can be seen that GDP is still growing, but the area of new real estate is continuing to decline, without the support of new real estate area, where is the value created and the space created? Urban renewal is supporting such a space for value creation.
From the perspective of the development process of developed countries, the urbanization rate has basically stagnated when it reaches more than 70%, and the economic operation supported by expansive urbanization has reached the end. At the same time, the development of urban economy also depends more on the further development of new kinetic energy, new industrial space and new value-added scenarios, and the future urban economy is the space for the development of the tertiary industry or new economy, which also needs to be provided by urban renewal to provide value-added and upgrading space for the growth of urban value.
Why do we come up with a sense of value? Recognizing values is a top priority for cultural heritage conservation. On the one hand, value has historical and cultural heritage meaning, but also has economic meaning, and the understanding of this value is also expanding, from the simple historical, scientific and artistic value in the past, to the cultural and social value of serving the economy. Through urban protection and renewal, we can condense the humanistic and emotional memory of the city and glow the historical and cultural value in the memory scene. Through urban protection and renewal, the urban public space can be improved, the unforgettable urban business card can be created, and the social value of space can be derived. Through urban protection and renewal, it can also provide a good economic and industrial value highlight for new economic activities, such as characteristic cultural and creative economy, characteristic leisure economy, etc., in the use of specific architectural space. Therefore, urban protection and renewal activities are also an important way to enhance the value of the industry, which is our understanding of protection and renewal.
In the activities of urban protection and renewal, we should fully explore and judge the value, and have an in-depth understanding of the value and extension, so as to continuously promote the excavation, utilization and value enhancement of the urban value. On the basis of such a value understanding, urban renewal also faces many practical problems, and there are several aspects:
First, many old factories and old areas in urban renewal areas are located in the core area of the city, with very good locations, especially the surrounding population attraction capacity is very strong, and has a strong non-renewable nature, in fact, there is considerable potential value, worthy of our comprehensive understanding and excavation, but whether it has been effectively used is not necessarily completely sufficient. Second, in the protection and renewal activities, it is also necessary to prudently and fully make value judgments to avoid mistakes leading to wrong decisions or misconducts, including demolishing real and building fake or forming not very high-quality spatial scenes. Third, the investment in urban protection and renewal is huge, and the input-output ratio requires us to re-understand the value, establish a diversified value composition, and achieve a comprehensive balance of economic value and social value. Fourth, in terms of specific participation scenarios, a large number of urban renewal is mainly operated by the government, and the participation of social platforms is very low, or the degree of capital and financial participation is relatively low. Of course, the factors behind it are that the conditions of urban renewal are complex and changeable, the cycle is long, and it is a new field that many social participating forces are not familiar with, and it is difficult to quickly overcome the barriers. Fifth, in terms of operational value-added, which is different from the value-added path of "investment, financing, construction, management and withdrawal" of general real estate investment, it is transformed into enhancing the value of unit space through space operation and operation, and realizing the value-added improvement of assets held.
From this perspective, we have made some thoughts, and believe that the implementation path of urban renewal should be transformed from real estate assets in the past to financial holding assets after understanding value, and from the perspective of comprehensive understanding, it should be transformed from simple spatial renewal to a full-chain path of adding value to spatial upgrading, which is a technical method that should be promoted in the stock era. Under this value approach, I suggest that we should deepen the understanding of value, and at the same time, promote the preservation and appreciation of the value of urban space through the whole path of space and content, so as to maximize the value of urban protection and renewal, and create feasible conditions for the participation of multiple forces such as finance mentioned above.
Combined with the case of Taoxichuan protection in Jingdezhen, the following introduces our practical path in value judgment and value appreciation. In the past, Jingdezhen was a very glorious city, and porcelain had an important impact on the world. After the 80s, many factories in Jingdezhen faced closure, forming a withered cityscape. Many factories are in a completely abandoned state, and conservation and renewal are urgent. In the path of conservation and renewal, we propose a comprehensive evaluation and mining value, as well as a design method for the composite value enhancement of space and content, so as to comprehensively promote the value recognition and value appreciation of the conservation and renewal space from two aspects.
First, the recognition and evaluation of value is an important basic work. The porcelain heritage of Jingdezhen can be understood from the cultural dimension value, although these factories are ordinary and dilapidated, they are important carriers of the city's important cultural memory; From the perspective of spatial dimension value, the urban impression of chimneys is the long-term historical memory of all citizens of Jingdezhen, and the image of such chimneys and factories can provide an iconic old urban space scene. At the same time, from the perspective of the value of the functional economy, the space inside and outside many factories can also be transformed into innovative functional products, which can provide good support for the space utilization of new urban economic activities. On the basis of these three value understandings, it can be considered that the protection and inheritance of the layout of the factory and the representative buildings can realize the comprehensive preservation of the value of the urban space, including the preservation of the emotional memory of the city through chimneys and trees, and the transformation of new spaces for urban public activities.
Second, in terms of specific work design, Jingdezhen's conservation and renewal practice explores the adoption of the model of "integration of design, investment, construction and operation" to fully promote the value utilization and appreciation of urban architectural space. In terms of specific work, it is no longer a simple space design in the past, but a design model that is fully integrated with operation planning and space economic value-added, so as to realize space planning and promote value added. In the whole process of space design, it realizes full compound synergy with operation planning, and judges and realizes better matching of business scenarios, industries, buildings, urban spaces and products through planning at the front end, so as to better realize the full value utilization of the urban protection and renewal space mentioned above; In the back-end, we attach importance to operation, and the space scene actively promotes the continuous development of business activities, attracts people to gather, realizes the continuous value-added of urban space, and becomes a new spatial growth point of the city.
Through such a composite planning and design practice model, we will promote urban renewal to realize a value-added model that enhances the value of holding and operation. Let the old area become a new industrial area with business formats, operations, control and value-added space, transform them into irreplaceable assets with outstanding value, and provide value-added space for holders or business participants. Today, the Taoxichuan area has become the new sub-center of the city, no longer a decaying old area, but a new flashpoint of new economic activities in the city, which has promoted the development and change of the social structure of urban space. At the same time, the Taoxichuan area, also known as Jingdezhen, has become a national exploration and innovation platform such as the National Ceramic Culture Inheritance and Innovation Pilot Zone, and a good example of the transformation and development of traditional backward cities. Today, Jingdezhen's exploration of urban protection and renewal has also made Jingdezhen a widely praised protection and renewal area and city by the society and all walks of life, and has an increasingly exemplary role.
In the future, urban renewal may be a very important construction activity in the era of urban stock development, and it may also be an important economic value creation activity. Through the thinking of the value dimension, we can introduce the understanding method of value mining and the integrated design practice method of spatial content compound, realize the continuous improvement and value appreciation of urban renewal space, truly promote the shaping of urban places, structural remodeling and even the good regeneration of the economy, and also provide an implementable path for financial institutions or wider social forces to participate in urban protection and renewal. That's all for what I'm sharing, thank you!
(Note: Compiled according to on-site speeches, for reference only)
Tsinghua PBC Global Financial Forum (Guangzhou) is a series of regional forums of Tsinghua PBC Global Financial Forum, and is also the main forum of China (Guangzhou) International Financial Exchange Expo, which has been held for nine consecutive sessions since its launch in 2016. In order to help the mainland's economic and financial reform and high-quality development. At the same time, there were more than 500 participants at the forum site, and at the same time, it was broadcast live online on Tsinghua Wudaokou video account, Douyin account, "Tsinghua Financial Review" video account, financial micro classroom, Guangzhou Financial Fair video account, Xinhuanet, Sina Finance, Phoenix Net Finance, 21st Century Business Herald, Daily Economic News, Economic Observer and other platforms, with a total of nearly 600,000 viewers.
Tsinghua PBC Global Financial Forum
The Tsinghua PBC Global Finance Forum is composed of the main forum and regional forums, aiming to focus on new ideas, new trends, new practices and new driving forces for global financial development, focusing on three major issues: China and the world, market and regulation, and academia and practice, discussing major issues in the economic and financial fields, and making suggestions and suggestions for achieving high-quality development and promoting Chinese-style modernization.
China (Guangzhou) International Financial Transaction Expo
China (Guangzhou) International Financial Exchange Expo (hereinafter referred to as "Financial Fair") was founded in 2012 and has been successfully held for 13 sessions so far. Through "online + offline", "display + interaction" and "roadshow + negotiation", the financial fair will create a financial event that integrates financial achievements display, financial reform publicity, financial knowledge popularization, financial academic seminars, financial industry docking, financial product promotion, financial equipment exhibition and sales, financial talent exchange and financial investment promotion, so as to realize the vision of "letting the world understand China's finance here".
This article is edited by Liang Jing
Editor丨Bai Xue, Lan Yinfan
Preliminary trial丨Xu Lanying
Final Review丨Zhang Wei