Beijing pumps more cash into affordable homes

Beijing has allocated US$19.2 billion (RMB 119.3 billion) to promote construction of low-income housing this year, The Wall Street Journal reported, citing a statement issued by the Ministry of Finance. The state-run China Development Bank, which is active in financing infrastructure projects, will set up a special arm to issue bonds to support new affordable homes in March, in China’s latest measure to boost economic growth. The fund will focus its efforts on cities and counties that have been relying on resources for development and have a large number of small companies, the ministry said.