State Administration of Financial Supervision Improves Financial Support for Poverty Alleviation
The State Administration of Financial Supervision has announced improvements to its working mechanisms and financial support policies in order to provide solid financial support for poverty alleviation efforts. These improvements are aimed at consolidating and expanding the achievements of poverty alleviation in key areas and key groups, as well as strengthening the endogenous development motivation of those who have been lifted out of poverty.
According to the State Administration of Financial Supervision, banking institutions have issued a total of 19.7 trillion yuan in loans to poverty-stricken areas over the past three years, with loan balances growing at an average annual rate of 14.4%. This demonstrates a significant effort to provide financial resources to regions in need.
Furthermore, the State Administration of Financial Supervision has guided financial institutions to increase credit extension, lower loan interest rates, actively develop specialty agricultural product insurance, and promote the consolidation and improvement of advantageous specialty industries in poverty-stricken areas. Agricultural insurance has provided a total of 4.3 trillion yuan in risk protection for poverty-stricken areas over the past three years, with an average annual growth rate of 7%. Additionally, 277.8 billion yuan of micro-credit has been issued to people who have been lifted out of poverty, supporting 6.51 million households and helping to prevent their return to poverty.
In terms of basic financial services, the State Administration of Financial Supervision has achieved 100% coverage of banking institutions in counties across the country, with 97.93% coverage by township banking institutions, and full coverage of financial services in administrative villages.
These improvements in financial support for poverty alleviation reflect the government’s commitment to tackling poverty and promoting sustainable development. The State Administration of Financial Supervision’s efforts are crucial in ensuring that those living in poverty have access to the financial resources they need to build a better future.