China’s central government plans to spend 115.8 billion yuan (US$18.8 billion) on affordable housing this year, the 21st Century Business Herald is said to have reported. The figure marks an increase of 14.3 percent over such spending last year, said the report, which was picked up by Xinhua news agency. The special fund includes subsidies for low-rent housing, public rental departments and shanty-town renovation, it said. A government work report released earlier this year pledged to improve the affordable housing system and set a target to begin construction on more than 7 million units, including 4.7 million for people living in shanty shelters, Xinhua noted.
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