Cheap land and cheap labor have made the most important contribution to the rapid development of China's urbanization during the past 30 years.However,this pattern of urbanization, which is factor-driven, dependent on land bonus and demographic dividend, is unsustainable.Excessive dependence on cheap land not only leads to inefficient allocation of urban resources, but also has negative impacts on the process of urbanization.Heavy reliance on demographic dividend would no longer be sustainable in the context of changing population structure.There is a need for urbanization reorientation, from a factor--driven to an innovation--driven approach.Innovation--driven urbanization requires industrial upgrading in urban areas so that new industrialization and new urbanization could be in synchronous progress.Smart city construction would facilitate integration of urbanization,industrialization and informatization.
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