Guo Fangming, Director of the Economic Construction Department of the Ministry of Finance: Encourage policy banks to provide support for eligible urban renewal projects.

On May 20th, Guo Fangming, Director of the Economic Construction Department of the Ministry of Finance, stated at a press conference of the State Council Information Office that the Ministry of Finance is focusing on coordinating fiscal and financial policies to promote the improvement of investment and financing mechanisms, expanding the scope of local government special bond investments, and increasing support for urban renewal projects. The Ministry aims to leverage policy financial tools to encourage policy banks to support eligible urban renewal projects under the premise of controllable risk and commercial sustainability. It also plans to improve the catastrophic insurance system for urban and rural residents' housing, provide better protection against catastrophic risks, actively explore sustainable investment and financing models for renovation projects with government guidance and market operation, and encourage private enterprises to participate in infrastructure and public utilities concessions.