China Development Bank announced recently that it had allocated an additional 381.7 billion yuan (approximately 52 billion U.S. dollars) in special loans to support China's urban village renovation program in 2024.
The increased funding has benefited renovation programs in 723 projects across cities, including Beijing, Guangzhou, Jinan, and Zhengzhou, improving the housing supply structure and enhancing the well-being of residents, the bank said.
China has been intensifying its efforts to redevelop urban villages. At a press briefing in late December, Ni Hong, Minister of Housing and Urban-Rural Development, announced that China will further prioritize the renovation of urban villages and dilapidated houses, while promoting monetized resettlement in 2025.
CDB increases special loans to support China's urban village renovation
The U.S. logistics company United Parcel Service (UPS) announced on Tuesday that it plans to reduce about 30,000 more operational positions this year and will close 24 business facilities by the end of June.
The layoffs are part of the company's business restructuring and transformation plan initiated last April.
In April 2025, UPS announced it would lower costs and improve profitability through large-scale job reductions and the closure of operational sites.
Throughout 2025, the company eliminated 48,000 jobs and closed 93 business facilities.
UPS is redirecting its focus from low-margin parcel delivery for Amazon toward higher-margin freight operations. This strategic shift follows a preliminary agreement announced in January 2025, which is expected to reduce Amazon-related shipping volume by more than 50 percent by the second half of 2026.
UPS to cut additional 30,000 jobs this year
