Investment fund to help millions in poverty
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.