China will step up financial support to ensure that its annual target for renovation of shantytowns can be met, according to a government document published on Monday.
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The country will support State-owned companies to raise funds for shantytown renovation through issuing bonds, said a State Council circular.
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Private companies will enjoy the same preferential policies as their state peers when they participate in renovation projects, it added.
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The new housing finance division in the China Development Bank should prioritize lending to shantytown renovation projects, and commercial banks should improve lending services to them, according to the circular.
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Shantytown renovation is considered key to China's urbanization. The government has set the goal of subsidizing the rebuilding of 4.7 million housing units across the country this year.Â
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China will step up financial support to ensure that its annual target for renovation of shantytowns can be met, according to a government document published on Monday.
