Site icon China Economic Review

China to invest $140bn by 2020 to relocate poor

China will invest 946.3 billion yuan ($140 billion) by 2020 to relocate its poorest citizens from remote, inland regions to more developed areas, Reuters reports. The mass relocation is part of a strategy to lift 10 million people out of poverty by 2020, with 2 million estimated to be moved this year. The funds will be used mainly to construct homes, support facilities and basic public infrastructure, with the rest going to the restoration of vacated lands, state planner National Development and Reform Commision (NDRC) said in a document. The investment will be financed mainly by China’s policy banks who will provide 341.3 billion yuan in long-term loans and 50 billion yuan in construction bonds, as well as by local governments, who will provide 285.8 billion yuan.

Exit mobile version