China will speed up the renovation of old residential areas, blocks and villages in urban areas, and strengthen the transformation of urban infrastructure, state media CCTV reported on Friday, citing a cabinet meeting.

It is necessary to revitalize and utilize inefficient land, coordinate and make good use of fiscal and financial resources, and attract social capital to participate in urban renewal, CCTV said, quoting the meeting chaired by Premier Li Qiang on Friday.

(Reporting by Ellen Zhang and Ryan Woo, Editing by William Maclean)