Vice Premier urges more capital to reduce poverty

Chinese Vice Premier Wang Yang (3rd L) speaks at a teleconference on poverty alleviation by financial means in Beijing, capital of China, June 17, 2016. (Xinhua/Zhang Duo)

Vice Premier Wang Yang has called for more financial sector support to assist the poverty alleviation campaign.

All financial institutions should be encouraged to adopt preferential policies to help lift the poor out of poverty, Wang said in a teleconference held on Friday.

He called for more sources of financing to be made accessible, and for policy instruments to be used to help the poor.

Poverty alleviation policies should be well-targeted, and local authorities should make sure that their efforts result in practical results, Wang added.

Companies and cooperatives that have played crucial roles in poverty alleviation should be given financial support, he said.

Wang also encouraged research into financial products that are conducive to poverty reduction, while adding that financial institutions should lower the cost of their services so that more poor people could enjoy such services.