China to enhance financial support for targeted poverty alleviation

BEIJING — China will unveil various measures to promote financial targeted poverty alleviation, the central bank has said.

The country will improve the transmission mechanism of monetary policy, strengthen the management of refinancing and cut targeted reserve requirement ratio for inclusive financing, according to a guideline issued by the People’s Bank of China (PBOC) on May 15.

Financial institutions in the banking sector are encouraged to support the advantageous industries in rural areas for the sake of poverty reduction, increase loan issuance and improve the financial services for poverty relieving relocation.

Meanwhile, more efforts will be made to boost inclusiveness in the country’s financial system and enhance the rural financial environment.

Apart from accelerating the construction of payment infrastructures in rural areas, the country will be devoted to protecting rural financial consumers’ rights and interests.

The guideline also called for cohesion between financial poverty alleviation and financial services for rural revitalization, reinforcing the sustainability of financial poverty alleviation.