East China province loans $7.3b in battling poverty

JINAN - East China's Shandong province provided over 50 billion yuan ($7.3 billion) of loans for poverty reduction in 2016, benefiting 300,000 impoverished people, authorities said Tuesday.

Banks were organized to offer over 30 specific credit products after the province carried out a field survey on 1.8 million poverty-stricken households and 21,000 businesses aimed at poverty alleviation, according to a statement issued by the Jinan branch of the People's Bank of China.

Among the loans, over 1 billion yuan was poured into poverty-alleviation industrial sectors, such as tourism, e-commerce and the photovoltaic industry.

Companies in poor areas were also encouraged to issue medium-term notes, corporate bonds and short-term bonds, securing total financing of 52.3 billion yuan.

An information system was also developed last year to evaluate the effect of these financial measures on poverty reduction.