SHANGHAI, April 9 The China Development Bank
will increase lending to spruce up rundown housing in
April, state media reported, as Beijing takes cautious steps to
selectively stimulate its economy.
The report follows a decision by China's cabinet last week
to speed up renovation of rundown communities in urban regions.
The move is perceived by many economists as a kind of
"mini-stimulus" package that will allow the government to inject
cash into the economy in a targeted way in response to signs of
slowing growth in the first quarter.
The official Xinhua news service quoted CDB president Hu
Huaibang as saying at a conference the bank would accelerate
approval for loans to renovate rundown communities in China,
aiming to lend 100 billion yuan ($16.14 billion) by the end of
The report said the CDB has already committed 140 billion
yuan to low-income housing projects in the first three months of
the year, a tenfold increase year on year, and has made loans
totalling 31.2 billion in the first quarter.
This compares to a total of 623 billion yuan lent to
low-income housing between 2005 and 2013, the report said.
($1 = 6.1968 Chinese Yuan)
(Reporting by Pete Sweeney; Editing by Shri Navaratnam)