ZCZC
BCN-13
CHINA-ECONOMY-POVERTY-FUND
China retrieves 730 mln yuan of misused poverty reduction funds
BEIJING, Dec. 30 (BSS/Xinhua) — Chinese authorities have retrieved 730
million yuan (about 111.8 million U.S. dollars) of misused poverty reduction
funds in a targeted inspection of how the money was managed.
Nearly 450 people have been investigated and punished for fraudulent claims
or misappropriation of funds, according to the Ministry of Finance and the
State Council Leading Group Office of Poverty Alleviation and Development.
The two agencies led a targeted inspection on the use and management of
poverty relief funds in 28 regions from March to May this year to uncover any
irregularities in the government-invested initiative.
Over the past four years, China has allocated 196.1 billion yuan for
poverty relief, with annualized growth of 19.22 percent.
China has lifted more than 60 million people out of poverty in the past 5
years, with the poverty rate dropping from 10.2 percent to less than 4
percent. As of the end of 2016, there were 43.35 million Chinese living below
the national poverty line.
Targeted poverty reduction is one of the “three tough battles” for the next
3 years, according to a statement issued after the Central Economic Work
Conference this month.
BSS/XINHUA/SR/1720 HRS