Chinese government officials are actively seeking to develop new programs that will help impoverished families throughout the nation.

An estimated six percent of China's total population remains in poverty, according to the World Bank.

Poverty is defined as living on less than US$1.25 USD per day.

Like Us on Facebook

Along with their corporate partners, government officials are drafting plans to revamp almost one-quarter of a million homes throughout the country.

Renovation of the infamous Shantytowns that are found throughout China is a top priority for officials. 

A newly formed housing finance division in the China Development Bank has been formed, in order to tackle the issue of low-income housing facilities being in poor condition.

Advisers will also discuss how to strategically allocate resources to renovate the vast numbers of shantytowns throughout China.

An US$81.5 billion allocation fund has been pledged by officials to be used in Beijing for these projects over the course of the next five years.

An annual target for the renovation of the shantytown homes has been established by government officials and will be closely monitored for progress. 

As outlined in the government plan, nearly 230,000 homes in Beijing will be directly affected by the ambitious project.

For some families that have lived in these dilapidated shantytowns for decades, there are mixed feelings about the planned renovation.

It is noted in the plan that most residents will be required to leave during the renovations but will be allowed to return upon completion.

A State Circular was widely distributed with information about how the program will operate.

Companies that are supported by the state will be allowed to participate in fundraising activities that are specifically designated for these renovation projects.

Commercial banks have also been urged to participate in the initiative and it has been noted that they will be allowed the same preferential treatment as state-run financial entities that are involved in the project as well.

Nearly five million housing units throughout the nation have been designated by the government to receive funding to renovate the long-neglected buildings that are home for a significant portion of the overall population.

This initiative is also happening in conjunction with other urbanization projects across the country that aim to give China's largest cities and surrounding cities a more modern look. 

TagsShantys, Poverty, Shantytowns, China Development Bank