Objective  From the perspective of the evolution of the financing system for urban infrastructure construction, this research clarifies the financing and construction paths for urban park green spaces in China during the high-speed urbanization stage and the middle and later stages of urbanization development, and analyzes the feasible models for current construction of urban park green spaces, in hope of contributing to the construction of Park City in the new development stage.

Methods  Through literature review, historical research, comparative research, and other methods, this research first sorts out the evolution of the path of land-based financing in the high-speed urbanization stage after the reform and opening up and the path of special bond financing in the middle and later stages of urbanization development, and analyzes the construction characteristics of urban park green spaces under different paths. Then, taking the documents on special bonds for construction of urban park green spaces that were issued by Chengdu Municipality during the period from 2015 to 2020 as an example, the research analyzes the differences in the construction of urban park green spaces under the path of land-based financing and that of special bond financing, as well as the adaptability of the Park City concept. Finally, the research analyzes the relationship between the “scenario-based city construction and ecology-form-appearance-business format-vitality coordination” strategy and the construction path of special bond financing under the concept of Park City.

Results  1) Since the reform and opening up, China has continuously adjusted its financing system and policies for urban infrastructure construction, based on the Constitution of the People’s Republic of China and the Land Management Law of the People’s Republic of China, and under the constraints of the 1995 version of the Budget Law of the People’s Republic of China, gradually establishing a mature and effective path of land-based financing. With the land reserve system and the system of bidding, auction and listing for transfer as its core and the land injection and mortgage financing mechanism of urban investment company as intermediary, the aforesaid path can ensure the funding source for infrastructure construction and the local government’s leadership over urban construction. As a result, urban park green spaces have grown rapidly in almost every city in China. 2) With the promulgation and implementation of the 2015 version of the Budget Law of the People’s Republic of China and a series of financial policies, infrastructure construction has shifted to a new path led by local government special bond financing, ushering in a new chapter in the construction and renewal of urban park green spaces. The shift from the path of land-based financing to the path of special bond financing is a result of the institutional design of the central government in response to the middle and later stages of urbanization development. This essentially reflects a deepening understanding of existing and relatively extensive land development methods, requiring a more refined model for prearranging and evaluating the long-term economic benefits of land development. 3) Compared with the path of land-based financing, there are four significant differences in the planning, construction and operation of urban park green spaces in the path of special bond financing. Firstly, shifting from balancing debts with comprehensive funds for regional development to balancing debts with independent project funds, objectively requires urban park green spaces to develop their own debt repayment capability. Secondly, shifting from using a single source of funds to repay debts in the short term to using multiple sources of funds to repay debts in the long term, objectively requires urban park green spaces to improve their long-term operation and profitability. Thirdly, shifting from independent implementation of a single project to bundled implementation of multiple projects, objectively requires a deeper integration of urban park green spaces and surrounding lands. Fourthly, shifting from repaying debts with land transfer income to repaying debts with land premium income, objectively enhances the regional driving role of urban park green spaces. 4) The concept of Park City construction requires a specific planning and construction strategy of “scenario-based city construction and ecology-form-appearance-business format-vitality coordination”, to further optimize the land development mode, improve the economic and environmental level of the city, enhance the regional competitiveness of the city, and highly match the long-term income accounting balance of the path of special bond financing. 5) Under the concept of Park City construction, the strategy of “scenario-based city construction and ecology-form-appearance-business format-vitality coordination” can transform urban park green spaces from a supporting infrastructure for urban construction to a green catalyst for urban development, further releasing ecological, social and economic benefits.

Conclusion  The concept of Park City and its construction strategy can promote the transformation of urban park green spaces in terms of ecology, form, appearance, business format and vitality, enhance their self-development capacity, drive the development and integration of surrounding areas, meet the growing recreational needs of people, achieve the transformation of ecological value, adapt to the current development stage, and highly align with the characteristics and internal requirements of the path of special bond financing, it is an effective means to respond to the path of special bond financing and other new financing paths that may be adopted in the future.