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China steps up financial support for poverty relief

Xinhua, March 23, 2016 Adjust font size:

China will improve financial services to support poverty relief efforts, according to an official document on Wednesday.

Banking financial institutions are encouraged to increase credit support for poverty relief programs through relending, in which the central bank extends loans to commercial banks on the condition that they in turn lend to businesses in required sectors, according to a guideline issued by the central bank and six other government agencies.

The tolerance for non-performing loans (NPL) in poverty-stricken areas can be raised as poverty relief programs need more credit support, said the guideline.

Financial institutions are encouraged to open more branches in poverty-stricken areas and more financing support will be given to enterprises in poor areas, according to the guideline.

The Chinese government has named poverty reduction as one of its top priorities for the next five years. The government has vowed to help the country's remaining 70 million poor people living below the poverty line of 2,300 yuan (353 U.S. dollars) in annual income rid themselves of poverty and enjoy essential social services by 2020. Endit