China will renovate 15 million dilapidated homes from 2018 to 2020 to speed up its urbanization drive and improve people's livelihood.

The Central Government will increase fiscal subsidies and carry out favorable policies in finance and land use, according to a statement released after an executive meeting of the State Council, presided over by Premier Li Keqiang.

The plan was the latest effort to fulfill the government's promise made three years ago to rebuild rundown areas with a combined total of 100 million residents.

The task for this year is to renovate 6 million apartments. The statement stressed measures from strengthened management of special funds to improved support services, including education and health care, to deliver the goal.

Shanty town transformation has remained a priority for the government in recent years. In the past eight years, more than 80 million people with poor living conditions moved out of rundown areas and into new homes.

Not only did people's livelihood improve, but investment and consumption rose and the glut of homes in many cities was eased, said the statement.

Meeting participants also discussed measures to remove approvals and accreditations for professional qualifications as a way to promote entrepreneurship and innovation. A national professional qualification catalogue will be established.

The government has eliminated 434 professional qualifications since 2014, accounting for more than 70 percent of the total.

(Xinhua News Agency May 24, 2017)