In­vest­ment fund to help mil­lions in poverty

China Daily (USA) - - NEWS CAPSULE -

China has set up an in­vest­ment fund to sup­port projects to lift mil­lions of peo­ple out of poverty.

The fund has an ini­tial $1.81 bil­lion in cap­i­tal from 51 sta­te­owned en­ter­prises. It was launched to co­in­cide with the na­tion’s third Poverty Alle­vi­a­tion Day on Monday.

Un­like most poverty alle­vi­a­tion funds man­aged by the govern­ment, the new fund will be run by an in­vest­ment com­pany to make sure it is sus­tain­able and prof­itable, said Wang Huisheng, the chair­man of the govern­ment hold­ing com­pany that owns the in­vest­ment com­pany.

Projects that can cre­ate more jobs and bring more peo­ple out of poverty will be fa­vored, with pri­or­ity given to poor prov­inces, bor­der ar­eas and re­gions with large pop­u­la­tions of ethnic groups.

The State-owned as­sets com­mis­sion has re­quired that the ini­tial 12 bil­lion yuan is in­vested by 2018, ac­cord­ing to an in­ter­nal re­port.

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