China will start to renovate 39,000 old urban residential areas this year, benefiting some 7 million households, according to guidelines released by the State Council Monday.
The country will basically form the institutional framework and policy system for the renovation of old urban residential areas by 2022 and strive to finish the rebuilding of all communities that need to be renovated by the end of 2025, according to the guidelines.
The renovation will focus on old residential areas built before the end of the year 2000.
While the government will step up financial support for the projects, authorities should also mobilize social capital in the renovation and encourage financing via bond issuance, the guidelines said.
The guidelines strictly forbid the use of the projects as financing vehicles for local governments so that no hidden local government debt will be added.
The administrative approval process for the renovation projects will be streamlined, the guidelines said.
China has vowed to strengthen the development of a new type of urbanization this year, with measures to support the installation of elevators in residential buildings and the development of meal, cleaning and other community services, according to this year's government work report.
