China steps up investment in urban renewal projects

BEIJING -- China has invested 2.6 trillion yuan (about $364.58 billion) in over 66,000 projects designed to renovate urban infrastructure, the Ministry of Housing and Urban-Rural Development said Friday.

Urban renewal projects involve the maintenance, renovation, demolition, and improvement of public resources, with the purpose of readjusting urban space resources to make them better meet the expectations and needs of the people and adapt to the economic and social development.

Among the projects, more than 2,600 former factories and commercial blocks have been renovated, and nearly 15,000 public facilities for medical, sports, educational and cultural purposes have been constructed or renovated.

China plans to renovate 54,000 old urban residential communities this year, and had started revamping 22,600 communities by the end of May.

The ministry called on localities to improve management models to achieve sustainable development in urban renewal projects, and will launch pilot projects and guide local governments in implementing the initiative in light of local conditions.

The Ministry of Natural Resources recently issued a notice to support the renovation of old residential communities, calling for fine-tuning of land-use policies and streamlining of approval procedures.