China to advance urban renewal

Local officials empowered to spearhead innovative, tailored approach for projects

China will optimize underutilized land resources and leverage a wider range of financing channels to advance urban renewal projects in a region-specific manner, the State Council, the country's Cabinet, said on Friday.

China has placed great emphasis on urban renewal initiatives as a crucial lever for expanding domestic demand and improving the quality of life for households, according to the State Council executive meeting chaired by Premier Li Qiang.

Greater efforts will be directed toward accelerating the redevelopment of run-down urban areas, including old residential communities, industrial zones and urban villages.