China strengthens support for poverty alleviation consolidation

BEIJING, March 21 (Xinhua) -- The China Banking and Insurance Regulatory Commission shored up financial support in 2022 to consolidate poverty alleviation efforts and promote its effective coordination with rural revitalization.

Last year, the commission issued micro-credit worth 93.35 billion yuan (about 13.58 billion U.S. dollars) to people lifted out of poverty, marking an increase of 24 percent year on year.

It also strengthened support for regions that have shaken off poverty, especially key counties supported in rural revitalization. By the end of 2022, outstanding loans to regions lifted out of poverty totaled 10.7 trillion yuan, up 1.38 trillion yuan year on year.

Outstanding loans to key counties which received assistance in rural revitalization rose 14.7 percent year on year to 1.64 trillion yuan, with a pace of 4.1 percentage points quicker than the general loan growth rate of the country.

The commission will further improve financial support policies and the quality and efficiency of services to stimulate the internal impetus for the development of regions and people lifted out of poverty.