North­east to get loans to ren­o­vate slum ar­eas

China Daily (Canada) - - NEWSCAPSULE -

The cen­tral gov­ern­ment an­nounced a plan to as­sist the north­east re­gion’s stag­ger­ing econ­omy, in­clud­ing 60 bil­lion yuan ($9.8 bil­lion) in loans to ren­o­vate 700,000 slums this year.

The plan aims to free up pri­vate busi­nesses, deepen re­forms of state-owned en­ter­prises (SOEs), de­velop mod­ern agri­cul­ture, ren­o­vate ur­ban run­down ar­eas and launch dozens of in­fra­struc­ture pro­jects in the prov­inces of Liaon­ing, Jilin and Hei­longjiang.

The north­east­ern re­gion, once China’s in­dus­trial base, saw the slow­est economic growth among China’s pro­vin­cial ar­eas dur­ing the first half of this year.

The prov­inces re­lied heav­ily on SOEs to drive lo­cal economies, but they fell short of the na­tional economic growth of 7.4 per­cent in the first half of the year, with Hei­longjiang’s GDP rank­ing at the bot­tom with an in­crease of just 4.8 per­cent dur­ing the pe­riod.

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