The present phase of inventory development and planning is focusing on the development and planning of stock land.It emphasizes the management of the scale of construction land and promotion of land use effectiveness,without involvement of the maintenance,operation and management of urban stock assets.Shenzhen’s urban renewal is a practice on inventory development mode,and it positively explores the construction of planning policy system,operation mode and mechanism system.On one hand,we have achieved success on certain aspects,such as safeguarding economic growth,improving land use efficiency,perfecting urban function,sticking to the ecological bottom line and solving the issues left over by history.On the other hand,we are still facing the challenges on aspects such as space bearing capacity,urban cost,and security risk,coping with illegal construction and planning management.The significance of the inventory development practice lies in exploring potential use of stock land,getting rid of land fiscal dependency and innovation of renewal mechanism.However,its limitations are that it cannot surpass pursuing economic growth,and it is subject to the overall national developing environment and financial system.For these reasons,it is difficult to realize the development transition completely.