China will take more measures to support its urban renewal projects in an effort to enhance people's housing conditions and living environment, said officials at a press conference in Beijing on Tuesday.
The conference was jointly held by the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, the National Development and Reform Commission, the Ministry of Finance, and the National Financial Regulatory Administration.
Qin Haixiang, vice minister of housing and urban-rural development, said from 2019 to the end of 2024, China had completed renovating 280,000 old residential communities nationwide, benefiting 48 million households.
In addition, 360,000 kilometers of aging pipelines had been upgraded, and 78,000 community service facilities such as elderly care and childcare centers had been established across the country during the period, said Qin.
Furthermore, great efforts had been made to make residential building more energy-saving, with 446 million square meters having completed the retrofit, he added.
"In the next step, the Ministry of Housing and Urban-Rural Development will guide local authorities to implement the urban renewal projects in a thorough manner. Building on the renovation of old urban residential compounds during the 14th Five-Year Plan period, we will further advance it and focus on upgrading the aging pipelines, retrofitting residential buildings to make them more energy-saving, and installing elevators in residential buildings where it's possible, so as to further enhance people's housing conditions and their living environment," said Qin.
The Ministry of Natural Resources will make an overall master plan for natural resources management and territorial space planning, and it will also strengthen survey on existing resources and assets, said an official of the ministry.
An official of the National Development and Reform Commission said this year, the investment from the central government budget has a special fund for the urban renewal projects to support the construction of public welfare infrastructure and public service facilities related to the urban renewal projects.
The Ministry of Finance will actively explore a sustainable investment and financing model that is characterized by government guidance, market operation, and society-wide participation, and it will also encourage private enterprises to participate in the operation of infrastructure and public utilities through franchising, said an official of the ministry.
The National Financial Regulatory Administration will roll out specialized measures to manage loans for urban renewal projects, said an official of the administration.
China to take more measures to support urban renewal projects
