Beijing will invest 10 billion yuan (about US$1.45 billion) in special fund this year to improve the urban environment of the capital, said the municipal finance authority yesterday.
Up to 80 percent of the fund has already been allocated to each district that can be used to leverage more efforts from the market, it added.
The fund will be mainly used to reduce the city’s non-essential functions, renovate old communities and shantytowns and improve overall community environment, revealed an official from its budget control department.
To ensure efficiency, the fund will be used based on different characteristics of each district, either through bringing in market operation such as fund management platforms or Public-Private Partnership (PPP), or through government procurement and subsidies.
The remaining 2 billion yuan will be allocated after the evaluation of each district’s performance in improving urban environment.