5B yuan for house renovation in earthquake zones

BEIJING - China plans to spend an additional 5 billion yuan ($790 million) to renovate substandard rural housing in earthquake-prone areas, the Ministry of Finance said on Wednesday.

The pledged funds came after a 31.5-billion-yuan budget was dedicated to renovate dilapidated houses in rural areas, bringing the total subsidies to 36.5 billion, up from 23 billion last year.

The additional funds echoed the State Council's call to accelerate the renovation of run-down areas and dilapidated rural houses, especially those prone to earthquake damage.

The total spending will benefit 4.32 million rural families, including 1.26 million living in earthquake-prone areas.

The standard subsidy stands at 7,500 yuan per household while worse-off families and households with efficient energy use will receive an additional 1,000 and 2,500 yuan, respectively.