China Agricultural Development Bank allocates 460 billion dollars against poverty

9 years ago - Published in Finance, Fundamental Analysis

Fighting poverty in China over the next five years: the Agricultural Development Bank of China (Agricultural Development Bank of China, ADBC) plans to allocate 3 trillion yuan (about 460 billion US dollars) to fight poverty among the Chinese population, reports state newspaper "People's Daily."

Also according to the newspaper, by 2020, the Chinese leadership has set a goal to get out of poverty 70 million people. At the end of 2014, 70 million and 170 thousand Chinese residents in rural areas were living below the poverty line while the their annual income amounted to $ 376.

The newspaper said some of the funds will be used for transfer to other areas of the population, to support programs to tourism and education, for assistance to farmers and the construction of infrastructure in rural areas, which should help reduce poverty of the population.