Agricultural Bank of China (ABC) has stepped up efforts to help alleviate poverty by developing financial services and industrial financing in specific regions in recent years.
Poverty alleviation has been made a top priority by ABC, with financial services being offered through various approaches like innovation in cooperation between banks and local governments, using industry as a growth engine and a photovoltaic poverty alleviation campaign, Zhao Zhongshi, business director of ABC, said at a press conference in Beijing on Thursday.
By the end of June 2017, ABC had approved loans in 832 key counties, and its poverty alleviation loans had reached 258.3 billion yuan (.93 billion), data from ABC showed.
China has made great progress in its poverty alleviation work. "The number of people living below the poverty line in China has been reduced by an average of 13 million each year since 2012," said Liu Yongfu, director of the State Council Leading Group Office of Poverty Alleviation and Development, Xinhua reported on October 10.