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China Increases Spending On Poverty-Stricken Areas
The Chinese government will increase spending in poverty-stricken areas and gradually achieve the target of common prosperity for all the Chinese people, said a senior Chinese official on May 18.
Gao Hongbin, director of the Office of the State Council's Leading Group on Poverty Reduction said at a press conference that although a gap still exists between poverty reduction in China and that in the rest of the world, China's efforts have proven to be effective in eradicating poverty.
" With the growth of economy, the Chinese government will spend more in reducing poverty," he said.
Statistics indicate that funds for reducing poverty by the central government has increased on an annual basis. By 1999, the annual spending in this sector reached 24.8 billion yuan, 30 times higher than that in the early 1980s.
By the end of last year, spending reached 137.8 billion yuan, with 62.26 billion yuan from central government fiscal grants and 75.55 billion yuan from credit. Interest subsidies for credit is covered by fiscal budget lines and a uniform preferential rate is applied.
Meanwhile, the central and local governments have developed a series of exemption policies to reduce proverty in poor areas.
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