Fund to fight poverty
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