The renovation of old neighborhoods is an important component of urban renewal. Minister of Housing and Urban Rural Development, Ni Hong, stated during this year's National People's Congress and Chinese People's Political Consultative Conference that the Ministry will make efforts to implement a number of renewal projects that benefit people's livelihoods, promote development, and prevent risks. Among them, in development projects, a number of old neighborhoods will be renovated to create boutique streets, urban living rooms, and vibrant neighborhoods, providing more innovation and entrepreneurship space for young people and creating more consumption scenes for citizens. The renovation of old neighborhoods has revitalized them. Many renovated old neighborhoods have become new hubs for promoting consumption, fostering innovation, and leveraging economic development. Continuing the renovation of old urban fireworks blocks is an improvement and optimization of existing blocks, and should avoid large-scale demolition and construction. In the view of Fan Sibin, the director of the Urban Renewal Research Branch of the China Academy of Urban Planning and Design, the renovation of old neighborhoods is not only about revitalizing space and improving quality, but also about creating vibrant urban spaces that need to protect the city's vibrant atmosphere. 'Fireworks are competitiveness', guarding the urban fireworks atmosphere requires the integration of' crowd 'and' demand 'throughout the entire renewal process, which helps to generate comprehensive social, economic, and cultural benefits. The characteristic block of Yulin East Road in Chengdu, Sichuan Province, is located in the old city area of Chengdu. It has faced problems such as traffic congestion, aging infrastructure, poor living environment, large loss of young people, gradual decline of commerce, and weakened vitality of the block. By revitalizing the commercial industry along Yulin East Road, the local area promotes the integration of historical and cultural relics, fireworks and daily life, and fashionable street blocks, creating a new scene of happy life in the park community and bringing back the popularity of the old commercial street. Nowadays, the daily flow of people on Yulin East Road has increased from about 10000 before the renovation to 30000 to 50000 people per day. We have comprehensively updated 153 shops along the route, and brand cultural activities such as "Yulin Road Folk Music Season" and "Yulin Book Collection" have attracted many young people. Huoju Eighth Street in Weihai City, Shandong Province was originally an ordinary urban branch road, with 38 buildings built along the street in the 1990s. The surrounding environment was chaotic, with illegal constructions along the street, outdated building facades, insufficient supporting facilities, and a lack of commercial formats, seriously affecting the regional style. In 2022, Weihai City will rely on the unique natural landscape conditions of surrounding mountains, seas, islands, reefs, forests, etc., while maintaining its original characteristics and charm, through measures such as ecological environment renovation, landscape facility improvement, leisure space creation, service facility improvement, pipe network matching, and smart tourism construction, to overall improve the quality of the block. The renovated Torch Eight Street has revitalized its appearance, upgraded its business format, and continued to increase its foot traffic, driving surrounding scenic spots to become popular on the internet and promoting the "explosive" growth of the tourism industry. The renovation of many old neighborhoods also reflects the protection, excavation, and utilization of the city's historical and cultural heritage. Some use mural art to recreate everyday life scenes, some make full use of cultural resources such as old walls, streets, and alleys, and some embed cultural symbols and folk performances into trendy commercial and spatial scenes, achieving a mutual reflection of historical culture and modern life, and transforming historical memories into contemporary scenes that are empathetic, experiential, and willing to be consumed by various groups of people. Boosting consumption growth and urban renewal are not only related to the improvement of urban appearance and quality, but also an important lever for expanding domestic demand. Fan Sibin believes that the renovation of old neighborhoods has effectively driven employment growth, increased social investment, increased consumer flow, and increased revenue and tax revenue in the area, confirming the economic law of "strong driving force generated by micro updates". From potential exploration to value creation, cultivating new consumption, new formats, and new driving forces, old neighborhoods have become an important engine to leverage local economic development. The renovation of old commercial streets can play a prominent role in driving consumption. Zhou Lan, Vice Chairman of the China Urban Planning Society, believes that urban renewal can promote consumption transformation and improve quality. By optimizing commercial, leisure, and entertainment formats through urban renewal, responding to emerging demands such as fitness and elderly care, shaping attractive spaces, and driving consumption transformation and quality improvement. The comprehensive renovation and upgrading project of Shiquan Street area in Suzhou City, Jiangsu Province, has addressed the problems of narrow pedestrian space, lack of public space, lack of water street characteristics, inefficient and idle assets, and insufficient vitality of ancient city streets that have emerged in recent years. Through pedestrian improvement and cultural empowerment, it has become a popular tourist destination and popular check-in spot in Suzhou. Through diversified business models to attract traffic and stimulate comprehensive consumption vitality. The pedestrian flow, operating hours, and merchant income of the street have significantly increased. During peak weekend periods, the pedestrian flow has increased by more than three times compared to before the renovation. The average nighttime business hours of the street have been extended by two hours. The passenger flow and revenue of shops have increased by 30%, and some shops have increased by more than 50%. Under the guidance of the government, social resources have been widely and continuously invested, stimulating about 10% of shops along the street to spontaneously renovate and upgrade. The transformation of old industrial areas stimulates enterprise innovation vitality and drives economic growth by forming new industrial clusters. The original site of the Blue Series Urban Renewal Project in Wuxi, Jiangsu Province is the industrial relics of Wuxi Light Industry Smelting Plant, Knitting Plant, Hardware Factory, etc., which were born in different eras of the last century, as well as some old single buildings and residential buildings such as abandoned supply and marketing cooperatives and silkworm breeding farms. Since 2019, Wuxi has been building various functional areas such as comprehensive industrial parks, digital cultural industry gathering areas, and lifestyle and leisure cultural commercial streets here, and has successively derived blue series landmark projects to achieve enterprise incubation and business value-added. In the Blue Series urban renewal project, multiple types of business clusters are formed to stimulate the economic vitality of the area. The old factory buildings have achieved a magnificent transformation. The Blue 1956 Technology and Culture Entrepreneurship Park has introduced more than 60 cultural and technological enterprises, the Blue 1982 Digital Culture Design Park has introduced 25 design and semiconductor enterprises, and the Blue Bay 1917 Cultural and Tourism Block has introduced more than 20 merchants. At present, the annual operating income of the park exceeds 30 million yuan, and the overall rental rate exceeds 90%. How to promote the construction of a long-term mechanism for the renovation of old neighborhoods? Who is operating it? Where does the funding come from? Only by answering these questions well can the renovation of old neighborhoods operate for a long time and have strong vitality. The sustainable implementation mode of innovative renovation of old neighborhoods requires adherence to government guidance, market operation, and public participation. The national urban renewal work deployment video conference proposed to implement the responsibility of balancing project funds, in accordance with the principles of marketization and rule of law, coordinate the use of various financial resources, and establish a fund sharing mechanism between the government, market, and residents. Zhou Lan believes that the operation of urban renewal should introduce patient capital, promote the transformation of the operating entity from "developers who used to focus on fast turnover" to "renewal operators who pay attention to exploring the long-term needs of residents", and achieve long-term coexistence and common growth with the local community and people. The Taiping Road Block Renovation and Upgrading Project in Guiyang City, Guizhou Province fully utilizes unique resources containing Yunyan culture such as old walls, old streets, and old alleys to create exclusive tourism experiences. With the river as the belt, it connects surrounding historical and cultural relics, commercial blocks, and overall shapes the cultural space of Guiyang's characteristic city. During the renovation process, the financing difficulties were solved through "government funds+bank financing+enterprise self financing". Starting from 2021, the Guizhou Provincial Party Committee and Government will adhere to market-oriented operations and innovate the establishment of a "Four Modernizations" and ecological environmental protection fund with a scale of 80 billion yuan. Among them, the provincial new urbanization investment fund will focus on urban renewal. The renovation and upgrading of Taiping Road block is financed and constructed by state-owned enterprises in the district, with a total investment of 498 million yuan. The high-quality resources are integrated through "collection, leasing, and introduction" to improve the ability to compete for financing. By applying for a provincial new urbanization investment fund of 100 million yuan, obtaining a loan of 290 million yuan from Guizhou Bank, and self raising 108 million yuan by the enterprise, the project construction funds are guaranteed through multiple channels. The comprehensive renovation and upgrading project of Shiquan Street area in Suzhou City adheres to the principle of "government management of the basic, market driven upgrading" during the renovation process, forming a government guided and diverse social entities widely participating renewal model. Establish a four party coordinated work organization mechanism, jointly established by government departments at both the city and city levels, municipal state-owned enterprises, and expert teams to form a comprehensive rectification and improvement work team, linking merchants and residents, mobilizing social resources to invest in street development, guiding social forces to participate in the renewal process, maintaining the results of the renewal, and leveraging the synergistic effect of government leadership, social participation, and independent renewal. Urban renewal not only requires' spatial transformation ', but also' mechanism reconstruction ', achieving multi-party interest balance, joint funding, and win-win cooperation through policy and mechanism innovation. At the same time, the establishment of development alliances, merchant alliances, and business alliances in the renovation of old neighborhoods also provides a good guarantee for long-term governance. ”Fan Sibin said. (New Society)