The State Council has asked Northeast China to speed up renovation of local slums or relocation of residents in the slums.

In a circular issued on Tuesday, the State Council asked Northeast China to renovate 700,000 homes in rundown areas this year. It also said the central government has arranged 60 billion yuan ($9.8 billion) in loans to help the region renovate its slums this year.

Additionally, the region should push forward the relocation or renovation of old industrial areas and mining areas to attract people to live there. The central government has decided to set aside 2 billion yuan from its budget annually to support this cause.

The State Council also asked various provinces, ministries and local governments in Northeast China to take timely steps to prevent large-scale unemployment in the area, and to help those who are having difficulty finding employment to land jobs. It also said it encourages college graduates to find a job or start their own businesses in Northeast China.

"Northeast China has made huge achievements in its socioeconomic development since the CPC Central Committee and the State Council decided to implement strategies to revive old industrial bases, including Northeast China. But there are new challenges now. The economic growth has been slowing down since last year. Some industries are having difficulties in production management," said the circular.

Premier Li Keqiang said when he presided over a Cabinet meeting on July 31 that supporting the region is, to some extent, repayment of a debt to people in the region for the sacrifices they made at the start of the industrialization of the People's Republic of China.

However, the growth of the region will depend on reform that stimulates the inner momentum there, Li said at the meeting.

The circular suggests that relevant parties support the region to strengthen the industries in which it has been competitive, such as oil and agriculture. And it encourages companies in the region that make quality equipment for industries including nuclear power, railways and oil refinement, to invest abroad.

What's more, the State Council said it supports the region's development of emerging industries such as intelligent robotics, integrated circuit equipment, satellites and biomedicine.

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