China has decided to speed up renovation of its shantytowns to improve the living conditions of people with housing difficulties, according to a State Council executive meeting chaired by Premier Li Keqiang on Monday.
The meeting vowed to speed up revamping shantytowns and ancillary facilities, and tighten supervision over construction quality and safety in accordance with the requirements of the 2018 government work report.
It also urged improving the policy of monetary compensation for renovating shantytowns, which should be suitable for local conditions.
Between January and September, China started renovating 5.34 million shantytown units, accounting for more than 92 percent of this year's target.
China's housing ministry said in mid-September that investment in a massive shanty-town redevelopment project exceeded 1.19 trillion yuan in the first eight months of the year, according to a statement on its website.
China has injected hundreds of billions of dollars of policy loans into redevelopment of shanty-towns. Analysts say the project has boosted property demand as residents are encouraged to use cash compensation to buy a new home when their existing home is demolished.
