The transformation of specialized markets is one of the governance challenges that must be addressed in ur-ban regeneration.Based on the objectives of urban regeneration,this paper introduces the theory of adaptive governance to con-struct a theoretical framework for the adaptive transformation path of specialized markets.It purposes that the transformation of specialized markets adheres to a"goal-assessment-selec-tion-implementation"process,which includes four basic mod-els:upgrade,relocate,close and regulate,as well as three practical dimensions:geographical position,physical environ-ment and operational model.It analyzes the phased evolutionary pattern of"decline-regulate-upgrade/relocate/close",and points out that the transformation mechanism of specialized mar-kets is an effective collaboration among multiple stakeholders.Taking two specialized markets in Guangzhou's old town as case studies,it analyzes their adaptive transformation path and mech-anism against the backdrop of urban regeneration,confirming the rationality of the theoretical framework,and discovers that posi-tive interactions among different stakeholders have promoted the differentiated processes of upgrading or relocation.
urban regenerationspecialized marketsadaptive transformationGuangzhou City
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NSTL
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