The State Council issued the Urban Renewal "15th Five-Year" Plan, directing upgrades to urban infrastructure and renovation of underground utility networks and integrated utility corridors. It mandates health inspections of urban underground pipelines and accelerated replacement of aging gas, water, drainage, sewage and district heating networks. Local authorities are urged to advance integrated underground corridor construction where appropriate, update aging gas pipelines, optimize gas facilit

2026-05-28

The State Council issued the Urban Renewal "15th Five-Year" Plan, directing upgrades to urban infrastructure and renovation of underground utility networks and integrated utility corridors. It mandates health inspections of urban underground pipelines and accelerated replacement of aging gas, water, drainage, sewage and district heating networks. Local authorities are urged to advance integrated underground corridor construction where appropriate, update aging gas pipelines, optimize gas facility layouts and strengthen upstream supply. The plan calls for water-supply facility upgrades to raise urban water security, improvements to urban drainage and flood-control systems with linked scheduling mechanisms, and continuation of the urban heating "Warmth Project" including replacement of old heating networks, equipment and rollout of heating metering. It requires coordination between national defense mobilization and underground network construction and renovation.

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Hong Kong stocks opened lower in early trade and slid, with the Hang Seng index slipping below the 25,000 level. The Hang Seng was down 2.29% at 24,748.65, while the Hang Seng Tech Index fell 1.49% to 4,834.22. Sector moves: semiconductors partially recovered but internet/tech names weakened; nonferrous metals and innovative-drug sectors declined. Individual movers: Hua Hong Semiconductor (01347.HK) rose more than 11%; NIO-SW (09866.HK) jumped 5.56%; SMIC (00981.HK) and XPeng (09868.HK) gained o

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