China to spend more than $162B redeveloping shantytowns

China said it will invest more than 1 trillion yuan ($162 billion) redeveloping shantytowns this year as the government detailed how it will boost its urban population to support growth.

The redevelopment effort would include more than 4.75 million households. China's plan includes the construction of more transportation links, easing some residence-registration rules and letting local governments directly issue bonds, according to Bloomberg.

China completed 1.12 trillion yuan of investments in subsidized housing last year, according to housing ministry data. The government “basically completed work” on 5.44 million subsidized housing units in urban areas and started construction on another 6.66 million, the National Development and Reform Commission said in an annual work report this month.

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