More efforts will be made for key urban renewal projects, with the goal of fully releasing huge potential of new urbanization and generating new drivers of economic growth, said Liu Sushe, deputy director of the National Development and Reform Commission (NDRC), the country's top economic planner, in Beijing on Tuesday.
Liu made the remarks at a press briefing that was held by the State Council Information Office on systematically implementing a package of incremental policies to solidly promote economic growth, structural optimization and sustained momentum of development.
According to Liu, China's urban development has entered a phase where both new construction and the renewal of existing infrastructure are of equal importance, with the latter facing an increasingly heavier burden.
The renovation of urban underground utility networks, such as gas, water supply, drainage, and heating systems, will require the installation of nearly 600,000 kilometers of new pipelines and cost up to around 4 trillion yuan (around 567.18 billion U.S. dollars) over the next five years.
Looking ahead, China will take a phased approach to implement the urban renewal and renovation projects, according to Liu.
Priority will be given to projects that can enhance public safety and improve people's livelihood, such as the refurbishment of aging urban residential communities and neighborhoods and the revitalization of urban villages, Liu added.
At the start of the press briefing, the NDRC announced investment projects valued at 200 billion yuan (about some 28.35 billion U.S. dollars) that are in next year's plans will be released in advance this year to support the implementation of major national strategies and building up of security capacity in key areas.
"[In the pre-allocation funds,] we will give priority to a batch of key urban renewal projects. Currently, the financial demand for urban underground utility network is substantial, and we hope to prioritize support for these key projects. For the 2023-2024 period, the NDRC has earmarked over 470 billion yuan from the central budget, the issuance of additional government bonds, and ultra-long special treasury bonds, with a particular focus on the renovation of urban gas and drainage networks and the renovation of old urban residential communities, among others," Liu said.
China to support urban renewal projects to advance new urbanization
The 10th China-Russia Expo opened on Sunday in Harbin, the provincial capital of Heilongjiang in northeast China, highlighting the resilience, vitality and mutual benefits of China-Russia economic ties.
Held from May 17 to 21, this year's expo covers a floor space of 55,000 square meters, with more than 1,500 companies from 46 countries and regions taking part. Nearly 300 Russian companies are attending, while over 5,000 buyers are expected.
Since 2014, the event has attracted more than 7,200 Chinese and Russian companies and over a million visitors.
The China-Russia Expo is the largest comprehensive exhibition platform between the two countries.
President Xi Jinping and Russian President Vladimir Putin each sent congratulatory letters to the event, encouraging all sectors from both countries to seize the opportunity, make full use of their geographical proximity and economic complementarity, and further expand all-round practical cooperation.
"Leaders of the two countries have signed agreements to deepen practical cooperation, which we fully support. Russia and China stand side by side for common development, benefiting young people and all people. Such cooperation is timely and far-reaching. We are here in Harbin for the China-Russia Expo, coming from Russia's Sakha Republic. Our region is dominated by agriculture. We are seeking advanced farming technologies including irrigation equipment and harvesters. We hope to reach deals in the coming days to boost local development," said Vasiliy Petrovich Alexeev, head of Ust-Aidan Region of the Russian Federation.
"We are greatly inspired by the congratulatory letters from the heads of state of China and Russia. We will keep building targeted and efficient cooperation platforms, and smooth channels for sub-national exchanges between China and Russia," said Chen Shijun, president of Heilongjiang Council for the Promotion of International Trade.
China-Russia trade volume has surpassed 200 billion U.S. dollars for three consecutive years. China has been Russia's largest trading partner for 16 years running.
In the first quarter of this year, bilateral trade volume hit 60 billion U.S. dollars, a year-on-year increase of more than 14 percent.
This year's Expo features eight major exhibition zones. Beyond the exhibition halls, Russian delegations have also conducted field visits to Chinese companies. A delegation from the Republic of Buryatia visited one of northeast China's largest building materials distribution centers to explore potential areas of cooperation.
"Regular China-Russia economic and trade events continuously bring fresh cooperation opportunities for both sides. This field trip to Xilong Building Materials Market has helped us explore more practical directions and modes for bilateral cooperation," said Alexei Tsydenov, head of the Republic of Buryatia of the Russian Federation.
"Relying on Buryatia's abundant mineral resources and sound logistics conditions, we plan to build industrial parks focusing on home building materials, mineral resources and energy sectors in Russia. We will introduce advanced Chinese technologies and management models to drive coordinated industrial upgrading between the two countries," said Wu Jinrong, vice president of Harbin Xilong International Trade and Logistics Park.
From everyday consumer goods to advanced helicopters, and from mineral resources to intelligent robotics, China-Russia cooperation now spans a wide range of sectors. Economic ties and people-to-people exchanges between the two countries continue to advance toward higher-quality development and broader prospects.
China-Russia Expo promotes trust, cooperation, mutual benefit
