Northeast to get loans to renovate slum areas
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.