China on Thursday unveiled an urban renewal plan for the 15th Five-Year Plan period (2026-2030), placing renewed focus on modernizing cities and neighborhoods.

The plan envisions "15-minute community life circles," giving residents easier access to services such as grocery stores, convenience stores, childcare and elderly care facilities, and fitness venues. It targets the construction or renovation of sports facilities covering 128,000 hectares and calls for more age-friendly, child-friendly, and barrier-free communities.

Upgrades to aging residential communities are expected to significantly improve living conditions.

Under the plan, residential compounds that are 20 years old or older will undergo special inspections. Elevators will be installed where conditions permit, while water and power pipelines will be upgraded, roads repaired, and parking, landscaping and security facilities improved.

About 115,000 old urban residential communities and around 4,000 urban villages are expected to undergo renovation, making older homes more comfortable and livable.

Improving urban safety and living quality is another key focus. The plan calls for eliminating risks posed by unsafe housing, reinforcing aging buildings, and enhancing resilience against earthquakes and structural deterioration.

Around 500,000 units of dilapidated urban housing are set to be renovated while 365,000 kilometers of underground utility pipelines will be upgraded to help reduce water outages, gas leaks and urban flooding.

To make cities greener and more pleasant to live in, the plan sets a goal for 20,000 hectares of parks and green spaces slated for improvement and greater public access to urban green areas.

Beyond improving living conditions, the urban renewal drive is expected to boost economic activity by generating demand across a wide range of industries. The plan is likely to boost demand for steel and construction materials while encouraging spending on furniture, home appliances and other household goods.

According to China Securities Credit Investment Pengyuan, a major Chinese credit rating agency, the urban renewal market is expected to reach 20 trillion yuan (about $2.8 trillion) during the 15th Five-Year Plan period. Investment in renovating old residential communities alone is estimated to exceed 8 trillion yuan.

Upgrades to underground pipeline networks are expected to cost around 4 trillion yuan, with smart pipeline systems accounting for 30% of the upgraded network.