Special loans for urban village renovation projects in many domestic cities have been implemented. Urban villages are regarded as “villages in the city’ and are historical products formed during the rapid development of industrialization and urbanization.
China has made a new plan for the transformation of urban villages, proposing to "actively and steadily promote the transformation" in very large and megacities. In the next five years, the transformation is expected to drive about 10 trillion yuan of investment and drive an investment scale of about 1 billion square meters.