A signing ceremony is held between local government officials and three financial companies to alleviate poverty in Guiyang, Guizhou province on March 2. [Photo/ gywb.cn]

Some 15,000 residents will be relocated to better housing in Guizhou, to improve social welfare and living conditions across the province in a scheme rolled out by the State Council in 2015.

Joining the relocation project are Zhongrong Life Insurance, HaiJi Securities, and Guizhou Financial Holdings, who signed an agreement on March 2 to provide finance for residents in most need.

Residents living in poor conditions across Wangmo, Hezhang and Qianxi counties are the target of the 300-million-yuan ($43.6 million) project, which will see better housing built, improved infrastructure, and more economic development.

In charge of the project is Zhongtian Urban Development Group, the first listed property enterprise in Guizhou province, which is in charge of social services and programs identifying and improving poor living conditions.

More than 17 percent of the 798,000 people in Hezhang county live in conditions below the poverty line, partly due to its rugged, mountain environment which means tradition industry such has agriculture has struggled to thrive.

Banks and insurance should be available to ensure financial assistance reaches poverty-stricken villages and households, according to a government book issued in 2015.

Edited by Yan Weijue and Zachary Dye