China Development Bank Boosts Support for Urban Village Renovations
The China Development Bank (CDB), one of the country’s major policy banks, has significantly increased its financial support for urban village renovation projects across the nation. This move aims to improve living conditions for residents and advance urban development.
As of Thursday, the CDB has issued special loans totaling 61.4 billion yuan (approximately $8.65 billion) to fund 271 projects in 33 cities, including Beijing, Shanghai, Guangzhou, and Wuhan. According to data from the bank, these projects have benefited about 360,000 households and supported the construction of 695,000 housing units for residents displaced by urban transformation.
The first batch of these loans, amounting to 9.08 billion yuan, was issued on January 30 this year. The substantial increase in funding reflects the bank’s commitment to facilitate urban renewal and enhance the quality of life for urban residents.
The initiative aligns with the priorities set at the Central Economic Work Conference held in December last year. The conference, which outlines China’s economic policy directions for 2024, emphasized the importance of advancing the construction of affordable housing and public infrastructure for both regular use and emergency needs, as well as the renovation of urban villages.
Urban villages, often located on the outskirts of major cities, face challenges such as inadequate housing and limited access to public services. Renovation projects aim to upgrade these areas, integrating them into the urban infrastructure and improving living conditions for residents. By providing financial support, the CDB plays a pivotal role in enabling local governments to carry out these transformative projects, contributing to sustainable urban development and economic growth.
Reference(s):
China Development Bank ups support for urban village renovation
cgtn.com
