China to increase renovation of old residential areas in 2021-2025

Wednesday, 18 November 2020 16:52:02 (GMT+3)   |   Shanghai

Meng Wei, spokesman of China’s National Development and Reform Commission (NDRC), stated in a press release on November 17 that the NDRC will continue to promote the renovation of old residential areas in the 2021-2025 period, to make good use of the guidance and driving role of the country’s central budget. The increase in effective investments will exert a positive impact on economic development.

Meanwhile, he said in the 2019-2020 period the NDRC arranged the investment of RMB 79.3 billion from the central budget for the renovation of old residential areas. In particular, noted that the renovation work in 2020 has doubled compared to 2019, which has boosted demand for steel as well.

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