China is boosting its spending levels in order to fight a growing slowdown in its economy, which has sunk to its 27-year low.

On Monday, in a statement, China’s housing ministry stated, it has sunk in $85.20 billion (600 billion yuan) for the January to July period, in shantytown redevelopment projects.

Incidentally, China’s housing ministry did not provide a previous year figure for the same period.

However, it said, construction had begun on 2.07 million housing units in the Jan-July period, which accounts for 71.6% of the full-year target of 2.89 million units.

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Tags: analysis, China, Chinese, economics, economy, fallout, housing ministry, impact, invested, Jan-July, January to July, shantytown redevelopment projects, slowdown, sunken costs, trade war, U.S. China