State Council issued the Urban Renewal 15th Five-Year Plan, directing fiscal and
financial support to scale urban renewal. Central budgetary investment and
central fiscal funds will back eligible projects. Local government special bonds
may be used to finance eligible urban renewal construction and count as project
equity. Local governments should raise fiscal contributions and
consolidate/reallocate funds while meeting national obligations. Targeted tax
and fee relief for urban renewal will be implemented. Financial institutions are
to provide market-based financing within their legal business scope and must not
create new implicit local government debt. For risk-controllable, commercially
viable eligible projects, market financing structures — including integrated
development, syndicated loans and project investment — are permitted.
Authorities will explore financial support for self-renovation of aging urban
housing and demolition-and-rebuild projects.
