The government of Kaifeng, Central China's Henan Province, is taking a big gamble.

According to a report in the China Business Journal Saturday, the city has hatched an ambitious plan to attract more visitors by reconstructing the old city downtown into a tourist site themed on the Song Dynasty (960-1297). To achieve this, the Kaifeng government plans to relocate more than 80,000 households within four years.

Rebuilding an ancient town to boost tourism is nothing new in China. However, such a bold plan still made the headlines and met with widespread opposition.

Kaifeng has a rich imperial history. It was the capital of ancient dynasties such as the Shang and Song.

In the 11th century, when it became the capital of the Song Dynasty, the bustle and prosperity of ancient Kaifeng attracted many overseas merchants.

But now, Kaifeng is grimy and poor. According to official statistics, the city's GDP was only 109.66 billion yuan ($17.24 billion) in 2011, ranking 13th out of all the 18 cities in Henan.

For the local government, the city's precious historical and cultural heritage is a treasure that allows them to promote the economy. Ambition and idealistic plans are one thing, putting them into practice is another.

The plan reportedly requires an investment of at least 100 billion yuan, while the city's annual income is only 5 billion yuan.

To carry out the plan, the local government will very likely become burdened with massive debts. Needless to say, it's too early to say whether a reconstruction of an ancient Kaifeng could really drive the economy by boosting tourism. 

Many Chinese cities have a rich historical heritage. But these heritages are often poorly incorporated into city planning.

Many cities have adopted similar plans to build ancient towns to attract visitors, such as Luan county, Hebei, but the results are not promising.

The New York Times published an article titled "China, the World's Capital" in 2005. The article also had the subtitle: "From Kaifeng to New York, glory is as ephemeral as smoke and clouds."

It reflected on why Kaifeng, a former international center, had sunk so low, and concluded that learning this lesson, New York should struggle to improve its high-tech edge, educational strengths and pro-growth policies. Seven years on, it seems Kaifeng itself still hasn't found the proper way to develop the city.

An uncreative development plan based on land and massive investment has a high risk of ending in debt disaster. It is unlikely to bring back the city's former glory.