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China’s central bank to give more credit support to poor areas

Updated: Aug 22,2017 7:13 AM     Xinhua

BEIJING — China’s central bank has called for the country’s financial institutions to give more credit support to poor areas to help lift people out of poverty.

At a meeting on Aug 21, Pan Gongsheng, deputy governor of the People’s Bank of China, urged China’s policy and commercial banks to step up financing support for relocation projects and infrastructure building in poor regions.

Securities and insurance companies should expand their business network in these areas, Pan said, stressing China’s poverty relief target needs coordinated efforts from various financial organs.

The central bank also pledged to effectively use monetary policies and finance tools to guide more institutions to contribute to poverty alleviation.

China has set 2020 as the target to complete the building of a moderately prosperous society, which requires the eradication of poverty.

As of the end of 2016, there were still 43.35 million Chinese living below the country’s poverty line.