China ups financial support for poverty relief

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Chinese banking institutions have pooled their resources and increased financial support for the country’s battle against poverty amid COVID-19.

In the first eight months of this year, the Agricultural Development Bank of China, an agricultural policy bank, provided 351.1 billion yuan (about 51.3 billion U.S. dollars) in loans for poverty relief.

The figure was up by 71.75 percent, or 146.7 billion yuan, from the same period last year, according to the bank.

The Agricultural Bank of China (ABC), one of China’s biggest commercial lenders, has stepped up credit support for 832 poverty-stricken counties nationwide.

The total outstanding lending amount reached 1.24 trillion yuan by the end of August, up by 151 billion yuan from the beginning of the year, said the ABC. 

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