A neglected historical site in central Shanghai has been turned into a commercial complex in the style of an ancient watertown. Panlong Village dates back 1,400 years. At the start of the 21st century, the area was polluted by factories and warehouses. Renovations began in 2015, and eight years later the project is seen as a model for China's urban renovations.

In July, China announced new financial support for renovations of what are known as urban villages -- poor and transient areas surrounded by skyscrapers and modern construction in some of the country's largest cities. The funding is part of the central government's efforts to expand investment and commercial activity. How will this be achieved?

CGTN visited Panlong Village to find out more.