China meets shanty town transformation target ahead of schedule

BEIJING -- China has completed this year's task to renovate 6 million apartments in shanty towns, according to the Ministry of Housing and Urban-Rural Development.

A total of 6.09 million apartments have been renovated so far, with investment reaching 1.84 trillion yuan (about $279.6 billion), a ministry statement said Wednesday.

China will renovate 15 million dilapidated homes from 2018 to 2020 to speed up its urbanization drive and improve people's livelihood.

To meet the goal, the central government will increase fiscal subsidies and carry out favorable policies in finance and land use.

Shanty town transformation has remained a priority for the government in recent years.

In the past eight years, more than 80 million people with poor living conditions have moved out of rundown areas and into new homes.