China Development Bank (CDB) has announced plans to allocate RMB 400 billion ($63.8 billion) towards poverty alleviation projects over the coming year, state media reports, as the government continues its commitment to lifting millions more Chinese into prosperity.
The loans, targeting infrastructure, education and healthcare in the countries poorest regions, will add to the reported RMB 919 billion of similar funds handed out over the last five years, according to the CDB.
Beijing has identified policy alleviation as one of China’s “three tough battles” for the next three years, with prevention of financial risk and pollution control. This year alone authorities plan to take 10 million more people out of poverty-status conditions.