China steps up funding for shantytown renovation

The Chinese government has promised it will further step up financial support to ensure its annual target for shantytown renovations can be met.

A new State Council circular says state-owned companies are encouraged to issue bonds for renovation projects while the private sector will enjoy the same preferential policies as state-own companies in those projects.

The document is particularly asking the China Development Bank to prioritize lending to shantytown renovation projects.

The government has set the goal of subsidizing the rebuilding of nearly 5 million housing units across the country this year.