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Chongqing's Financial Targeted Poverty Alleviation Loans Exceeds RMB 110 Billion

May 16,2020 ByJIEYU WANGICHONGQING

On May 11, according to sources from Chongqing Business Management Department of the People’s Bank of China, by the end of March, the financial targeted poverty alleviation loans launched in Chongqing had exceeded RMB 110 billion, with a year-on-year growth rate of 16.6% against the background of epidemic prevention and control, which was three percentage points higher than the growth rate of total loans in Chongqing.

On May 11, according to sources from Chongqing Business Management Department of the People’s Bank of China, by the end of March, the financial targeted poverty alleviation loans launched in Chongqing had exceeded RMB 110 billion.

In advancing targeted financial poverty alleviation, Chongqing’s financial system has focused on industrial poverty alleviation, increased credit support, and innovated and launched nearly 100 targeted financial poverty alleviation products and featured services, which greatly stimulated the internal driving force and vitality of the development in impoverished areas. So far, the basic financial services in rural areas of Chongqing have realized full coverage.

On this basis, Chongqing will continue to ramp up targeted financial poverty alleviation efforts this year. According to the head of Chongqing Business Management Department, recently, a teleconference on Chongqing’s financial targeted poverty alleviation and micro-credit for poverty alleviation was held, during which relevant measures were put forward.

For example, Chongqing will focus on the key task of financial support for industrial development and establish a long-term mechanism for financial poverty alleviation. It will further improve the credit system in rural areas and improve the financial environment there. It will also implement existing policies, especially those for re-lending and re-discount, temporary postponement of principal and interest repayment for small, medium and micro-sized enterprises, an extension of the repayment period of microcredit loans for poverty alleviation, and guaranteed loans for starting up businesses. And efforts will be stepped up to promote further the integrated development of financial poverty alleviation and industrial poverty alleviation, boost the internal driving force, and effectively coordinate the rural revitalization strategy.

Chongqing will also continue to standardize the development of microfinance for poverty alleviation and further expand its coverage. In addition, it will focus more on the areas of extreme poverty and addressing the pressing issues to make rural poor people free from worries over food and clothing and have access to compulsory education, basic medical services, and safe housing, fix the weak links and shortcomings, and make good use of policy-based financial products to lift the remaining people living in poverty out of poverty across the board.

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