Ping An launches poverty al­le­vi­a­tion co­op­er­a­tion project to help farm­ers in Guizhou

Global Times - - Biz Update -

Ping An In­sur­ance Group signed a poverty al­le­vi­a­tion co­op­er­a­tion agree­ment with Tai­jiang county in South­west China’s Guizhou Prov­ince on Mon­day, mark­ing the first in­dus­tri­al­ized poverty al­le­vi­a­tion project in­volv­ing in­sur­ance cap­i­tal, said Sheng Ruisheng, spokesman and board sec­re­tary of Ping An, at a press con­fer­ence at the China In­sur­ance Reg­u­la­tory Com­mis­sion on Thurs­day.

This model will re­duce costs for poverty al­le­vi­a­tion funds through ex­emp­tion from in­ter­est rates and col­lat­eral, and will di­rectly pro­vide means of pro­duc­tion for low-in­come fam­i­lies to support their agri­cul­tural pro­duc­tion, said Sheng.

Sheng told the Global Times on the side­lines of the con­fer­ence that the com­pany will spread the Tai­jiang model to other agri­cul­tural re­gions such as North­west China’s Xin­jiang Uyghur Au­ton­o­mous Re­gion, North­west China’s Shaanxi Prov­ince and Cen­tral China’s Hu­nan Prov­ince.

The model is ex­pected to help 50,000 to 100,000 peo­ple es­cape poverty within a year, Sheng said.

“The Tai­jiang model only cov­ers ed­i­ble mush­rooms, but we hope to ap­ply this model to other agri­cul­tural prod­ucts by also pro­vid­ing guar­an­tee in­sur­ance and in­ter­est sub­si­dies to poor ru­ral house­holds,” he said.

The com­pany has pro­vided more than 400 bil­lion yuan ($60 bil­lion) in risk guar­an­tees via agri­cul­tural in­sur­ance to 57.3 mil­lion ru­ral house­holds, and has paid claims worth more than 700 mil­lion yuan, ac­cord­ing to a state­ment sent to the Global Times.

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