World

China to invest $140 b to relocate poor

Reuters Beijing | Updated on January 16, 2018 Published on October 31, 2016

Effort is part of a strategy to lift 10 m people out of poverty by 2020

China will invest 946.3 billion yuan ($140 billion) by 2020 to relocate its poorest citizens from remote, inland regions to more developed areas, the State planner said on Monday.

The mass relocation is part of a strategy to lift 10 million people out of poverty by 2020, with 2 million estimated to be moved this year, the state council said in May.

The funds will be used mainly to construct homes, support facilities and basic public infrastructure, with the rest going to the restoration of vacated lands, the National Development and Reform Commision (NDRC) said in a document.

The investment will be financed mainly by China’s two policy banks — China Development Bank and Agricultural Development Bank of China, who will provide 341.3 billion yuan in long-term loans and 50 billion yuan in construction bonds — as well as by local governments, who will provide 285.8 billion yuan.

Local governments will also raise up to 100 billion yuan through bonds, while the central government in Beijing will allocate around 80 billion yuan. Relocated villagers are expected to contribute 21.5 billion yuan.

China’s poor make up about 5 per cent of a population of 1.4 billion, living mostly in the countryside and earning less than 2,300 yuan a year, according to the government and state media.

Published on October 31, 2016

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.