China announces funding for 69 needy cities

China is allocating 16.8 billion yuan ($2.74 billion) to redevelop the country's 69 cities whose natural resources have been exhausted, according to a statement on the Ministry of Finance website on July 3.

The financial support is 5 percent more than it was last year, according to the statement.

Of the 16.8 billion yuan, 31 percent is going to Northeast China's three provinces — Heilongjiang, Jilin and Liaoning — where many resource-drained cities are located.

Most of the affected cities enjoyed robust development beginning in the 1950s. But after years of exploration, the natural resources ran out, which led to declining economies, high unemployment and social decay.

The statement said the national fund will address these cities' debts and household subsidies, and support redevelopment programs.