BEIJING, Aug. 5 -- The Ministry of Finance (MOF) said Friday that it has allocated subsidies totaling 137.46 billion yuan (about 20.7 billion U.S. dollars) this year to help people living in poverty.

The subsidies will cover households receiving subsistence allowances, people in dire poverty and those who need temporary assistance, the MOF said in a statement.

The MOF said that local governments must determine the allocation of subsidies for poor people according to a weighted average method.

The Chinese government has named poverty reduction one of its top priorities for the next five years. The government has vowed to help the country's remaining 70 million poor people living below the poverty line of 2,300 yuan in annual income rid themselves of poverty by 2020.