中文摘要：

China’s rapid urbanization in the past 30 years can be abstracted as a spatial-temporal product of the socio-economic mechanism relying on productive factors, which represents the sustained dynamics from labor demographic bonus to land capital discount. In the context of the current increasing global complexity, this paper points out that this kind of productive factor-based spatial logic not only has structural deficiencies, but also potentially brings about the environmental, economic, social, and political risks in multiple dimensions as follows: first, the crises in regional resources and environment due to the market distortion of productive factors; second, the disappearance of industrial growth impetus due to the investment preference to land urbanization; third, the social polarization caused by the incomplete urbanization of immigrates; fourth, the overdraft of government credit as a result of the unbalanced urbanization of population, industry, and land. Under such a circumstance, the paper proposes a transition of China’s existing urbanization policies, so as to achieve the objective of sustainable urbanization in the future.