The China Development Bank (CDB) is significantly ramping up its efforts to renovate urban villages across the country. As of Thursday, the bank has disbursed a staggering 61.4 billion yuan (approximately $8.65 billion) in special loans to support 271 projects in 33 cities, including major hubs like Beijing, Shanghai, Guangzhou, and Wuhan.
These initiatives aim to transform living spaces for around 360,000 households, providing them with 695,000 new housing units. This move is part of a broader strategy to address the challenges faced by residents displaced by ongoing urban transformation.
The first tranche of these loans was released on January 30 this year, amounting to 9.08 billion yuan. This early support has set a robust foundation for the ambitious renovation projects planned for the year.
Last December, the central economic work conference outlined the economic policy priorities for 2024, emphasizing the need for affordable housing and the enhancement of public infrastructure. Urban village renovation is a key component of these priorities, reflecting the government's commitment to sustainable urban development and improving the quality of life for its citizens.
As cities continue to grow and evolve, the CDB’s financial support plays a crucial role in ensuring that urbanization benefits are widely shared, fostering more inclusive and resilient communities across China.
Reference(s):
China Development Bank ups support for urban village renovation
cgtn.com
