PBC to offer credit support for poor areas

Source:Xinhua Published: 2017/8/22 21:28:40

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 Monday, Pan Gongsheng, deputy governor of the People's Bank of China (PBC), China's central bank, urged China's policy and commercial banks to step up financing support for relocation projects and building of infrastructure in poverty-stricken regions.

Securities and insurance companies should expand their business network in these areas, Pan said, stressing that coordinated efforts from various financial organs will be needed in order to meet the nation's poverty relief target.

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

China has set 2020 as the target date to complete the building of an all-round moderately prosperous society, which requires the eradication of poverty.

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

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