China's top economic planner, the National Development and Reform Commission, has been coordinating relevant funds to actively support the construction of urban renewal projects across the country, it said at a press conference held by the State Council Information Office in Beijing on Tuesday.
Zhao Chengfeng, an official with the National Development and Reform Commission, said that investment from the central government budget, additional treasury bonds, ultra-long special treasury bonds, and local government special-purpose bonds are the four main channels for supporting the construction of urban renewal projects.
"In terms of investment from the central government budget, over 470 billion yuan (around 65 billion U.S. dollars) have been arranged during the 14th Five-Year Plan period (2021-2025) to support the upgrading of old underground pipeline networks in urban areas - including those for gas supply and water drainage - and the renovation of old urban residential compounds. From the additional treasury bonds issued in 2023, 140 billion yuan (around 19 billion U.S. dollars) have been allocated to support the construction of urban drainage and flood control facilities. Since last year, over 290 billion yuan (around 40 billion U.S. dollars) from ultra-long special treasury bonds have been arranged for urban renewal projects. Local government special-purpose bonds have also been used to actively assist eligible urban areas in improving infrastructure and renovating old urban residential compounds," said Zhao.
China's top economic planner on supporting urban renewal projects
