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【CHINA DAILY】Financial institutions playing a key role in combating poverty across China
2020-09-30

Over the past few years, China relocated many people living in inhospitable conditions who had registered for government poverty assistance, and provided them with housing.

To address livelihood issues of these people after relocation, the Agricultural Development Bank of China has deepened cooperation with relevant ministries and local governments on industrial development, increased employment opportunities and improved medical conditions, educational conditions and infrastructure.

"Starting from this year, we will allocate a special lending quota of 120 billion yuan within five years to support follow-up poverty-alleviation programs after relocation," said Qian Wenhui, vice-chairman and president of ADBC.

The money will be spent on post-relocation industrial development and supporting infrastructure improvements for resettlement areas.

By the end of August, ADBC had issued poverty alleviation loans totaling 2.5 trillion yuan. During the first eight months, the bank issued 351.1 billion yuan in loans to fight poverty, up 71.75 percent year-on-year. Its nonperforming poverty alleviation loan ratio was 0.23 percent at the end of August, thanks to efforts to continuously strengthen risk management.

 



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