BEIJING, Oct 8 (Reuters) - China will add 5 billion yuan ($795.56 million) of funding to help build public housing projects and revamp shanty towns, the finance ministry said on Monday.
The move is the latest sign of renewed central government efforts to use fiscal spending to underpin economic growth.
“In order to promote steady and relatively fast economic growth and support various localities to build public rental housing and renovate shanty towns, the central government will allocate another 5 billion yuan to support such projects,” the Ministry of Finance said in a statement on its website.
Beijing has allocated a total of 98.7 billion yuan so far this year to subsidise public housing construction and shanty town improvements, the ministry added. ($1 = 6.2849 Chinese yuan) (Reporting by Aileen Wang and Kevin Yao; Editing by Nick Edwards)