Ministry of Finance: Innovating methods to support urban renewal.

The demand for funding for urban renewal is large, and everyone is very concerned about "where the money comes from". In this regard, the relevant person in charge of the Ministry of Finance stated at today's regular State Council policy briefing that they will continuously improve fiscal support policies to support urban renewal work. It is reported that starting from 2024, the Ministry of Finance, together with the Ministry of Housing and Urban-Rural Development, has initiated work related to supporting some key cities in implementing urban renewal actions, supporting a total of 50 key cities such as Beijing, Shanghai, and Shenyang, for three consecutive years. Guo Fangming, Director of the Department of Economic Construction of the Ministry of Finance, said that the central government will provide fixed subsidies to each city in the eastern, central, and western regions, supporting key model projects and mechanism construction of cities that have been selected. At the same time, they will guide local areas to pay more attention to the coordinated use and appropriate arrangement of funds, the combination of investment and consumption, and the combination of "investment in things" and "investment in people". According to the plan, during the "Fifteenth Five-Year Plan" period, these 50 cities will explore replicable and scalable mechanisms for urban renewal according to the work goals determined in the implementation plan. The Ministry of Finance will timely summarize and promote experiences with the Ministry of Housing and Urban-Rural Development and further study and improve policy measures. Meanwhile, the Ministry of Finance will coordinate various sources of funds to support key tasks of urban renewal, such as the transformation of urban villages and the renovation of old residential neighborhoods. In addition to financial support, the Ministry of Finance will also implement tax support policies simultaneously, and eligible urban renewal entities can enjoy existing tax benefits.