Financial Support for Poverty Alleviation

Xinhua News Agency July 24

China needs to go all out and lift around 30 million of its impoverished people, mostly in rural areas, out of poverty in next three years.

The major poverty-mitigating is fundamental to fulfill its goal in building the nation into moderately prosperous society in all respects by 2020.

Micro and small loans methods previously had successfully helped the poor in rural areas to get financial support and trimmed the poverty rate, as well as helped to reform China’s rural financial system.

Thus in the future, China is set to continue using the same method to scale-down poverty.

For example, east China’s Anhui Province had issued more than 27 billion yuan ($3.93 billion) of micro and small loans for poverty alleviation purposes by the end of June, with the number of people living in poverty in the province dropping from 6.8 million in 2012 to 1.2 million in 2017.

Similar financial support methods have been rolled out in many other provinces and regions including Jiangxi, Hunan, Henan, Hubei, Sichuan and Ningxia Hui Autonomous Region.

According to the State Council Leading Group Office of Poverty Alleviation and Development’s statistics, a total of 470 billion yuan ($69 billion) of small loans were distributed to nearly 19 million registered impoverished households around the country between late 2014 and May this year.