Fund to fight poverty

The Sun (Malaysia) - - SUNBIZ -

SHANG­HAI: A group of 51 en­ter­prises run by China’s cen­tral gov­ern­ment has launched a fund to in­vest in the coun­try’s poor­est re­gions, as part of a state plan to use mar­ket forces in the fight against poverty.

The fund starts at 12.2 bil­lion yuan (RM7.6 bil­lion) but firms in­clud­ing the Three Gorges Project Cor­po­ra­tion, the State Grid Cor­po­ra­tion and the State De­vel­op­ment and In­vest­ment Cor­po­ra­tion, will grad­u­ally in­crease it to 100 bil­lion yuan, the Sta­te­Owned As­sets Su­per­vi­sion and Ad­min­is­tra­tion Com­mis­sion (Sasac) said on Mon­day on its web­site (http://www.sasac.gov.cn).

Xin­hua news agency said 70 mil­lion peo­ple still live on less than 2,300 yuan per year. – Reuters

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