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October 14, 2016

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Fund to rally SOEs to help poor areas

CHINA will create a fund to mobilize state-owned enterprises to help poverty-stricken areas develop industries, an official said yesterday.

The fund, with a initial funding of 10 billion yuan (US$1.5 billion), will reach 100 billion yuan by 2020, said Huang Chengwei, vice director of the International Poverty Reduction Center in China.

Regulated by the state-owned assets watchdog, the fund is designed to operate by “market rules” and encourage major SOEs to join it, he said.

The State-owned Assets Supervision and Administration Commission will launch the fund on Monday, China’s third poverty-relief day, and release more details about its structure and operation, according to Huang.

Developing local industry is a major front line in the battle against poverty, and China has supported poor regions’ efforts to develop local specialty industries based on their resources, such as the photovoltaic industry, tourism and e-commerce.

To fight poverty, central and provincial governments have arranged a record 66.7 billion yuan and 40 billion yuan of special funds respectively, said a statement.


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