China plans USD 64 billion in loans to reduce poverty
The Chinese development bank will finance infrastructure construction projects, relocation of poor residents, development of local industries, health care and education in areas affected by poverty.
China Development Bank (CDB) plans to lend 400 billion yuan (about USD 63.77 billion) this year to support projects to reduce poverty, as per Forbes.
The CBD will finance infrastructure construction projects, relocation of poor residents, development of local industries, health care and education in areas affected by poverty, Xinhua added.
According to Forbes, Beijing identified poverty as one of its "three critical battles", along with risk prevention and pollution, which Prime Minister Li Keqian said in his March work report to Parliament are key to building a "society moderately prosperous in every way."
China aims to reduce the number of poor people in rural areas by more than 10 million this year, including 2.8 million people who will be relocated from "inhospitable areas." The government has said it wants to eliminate poverty by 2020.
More than 68.5 million people from rural areas emerged from poverty in the Asian giant between the end of 2012 and 2017, according to Xinhua, reducing the general level in the country from 10.2 percent to 3.1 percent.
Earlier, Xi has made poverty reduction one of its political crusades, after promising in 2015 that China would lift 70 million people out of poverty by 2020.