Revitalize the -old hometown- and stimulate new vitality

Revitalizing Old Resources to Ignite New Energy: A Live Commentary

In urban settings, both tangible and intangible resources serve as the foundation for the city’s past while also representing its potential for future growth. To achieve deep-rooted development, it is vital to synchronize the revitalization of existing resources with the cultivation of new ones and enhancements in quality—striving to create more value and benefits from what we already have.

As night falls over Tianjin’s Nankai District along Hongqi Road and Baidi Road, the striking skyline of the Tianjin Technology Plaza towers above, illuminated by vibrant lights. The distinctive red and blue logo of the Tianjin Higher Education and Technology Innovation Park stands out prominently.

However, just over a year ago, this bustling innovation hub was a landscape filled with abandoned construction projects due to financial issues. By attracting quality resources and revitalizing buildings that had sat idle for nearly a decade, the Tianjin Higher Education and Technology Innovation Park now hosts over 1,300 technology-based companies and more than 230 financial and tech service institutions.

The question arises: how does transformation occur in the same space? The answer lies in the effective utilization of existing resources. In Tianjin, revitalizing these “old resources” has led to the introduction of new businesses, projects, functions, and energies. Numerous old factories, obsolete industrial sites, and entrepreneurship parks have been beautifully transformed, demonstrating the phenomenon of “old trees sprouting new branches.”

Building a modern metropolis and elevating urban governance is an ongoing challenge. President Xi Jinping has emphasized the need for a development model focused on intrinsic value, innovative urban governance, resilient urban planning, and proactive urban renewal initiatives. Revitalizing existing resources is a crucial component of this intrinsic growth strategy.

Currently, urban development faces widespread challenges related to the renewal and utilization of existing resources. Land that hasn’t been effectively used, idle industrial facilities, underutilized business premises, and insufficiently employed venues present a common dilemma. This includes inefficiently utilized financial assets, dormant business licenses, and untapped intellectual property. Both tangible and intangible resources represent not only the city’s historical legacy but also its future potential.

To pursue intrinsic growth, there is a need to align the revitalization of resources with the creation of new ones and improved quality, aiming to enhance urban forms, functions, and standards.

Revitalizing existing resources requires courage and responsibility in the face of challenges. “Old resources” often come with historical baggage, making it difficult to breathe new life into them, and some may involve risks. However, revitalizing the “family business” does not necessitate starting anew; it’s important not to allow these “old resources” to perish or be completely dismantled. Understanding that activating existing assets is a significant achievement in itself is essential. We must cherish these foundational resources, adopt a proactive attitude toward resolving historical issues, and lead our communities with the determination to tackle even the hardest challenges.

The approach to revitalization should include tailored guidance and precise strategies. Given the diversity of existing resources and their unique issues, it is important to assess the situation accurately and develop a comprehensive plan that accommodates local conditions and takes advantage of opportunities. This requires a steady and effective execution, avoiding a one-size-fits-all method. Hebei District in Tianjin, for example, has implemented a collaborative revitalization model that combines efforts from state-owned enterprises and local governments. This initiative focuses on attracting technology companies in areas like medical equipment, AI, biotechnology, and intelligent manufacturing, transforming a 120-acre old industrial zone near Jinshiqiao into a one-stop hub for advanced technology services. The pursuit of quick wins must be balanced with the patience to achieve lasting results.

To effectively revitalize resources, it is also important to apply market-driven methods and reform strategies. Experience shows that leveraging market forces for resource allocation while effectively using government support can break down profit barriers and truly activate these resources. Encouraging banks to provide comprehensive financial services for revitalized projects, engaging in the acquisition of non-performing assets, practical restructuring, market-oriented debt-to-equity swaps, and agreement transfers are all practical strategies. Utilizing data and other novel elements to amplify and innovate resource configurations is essential.

Challenges will always exist, but there are more solutions than problems. With decisive action, practical initiatives, and a willingness to take bold steps, we can undoubtedly breathe new vitality into the city’s historic resources.