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China Post Offers Financial Support for Poverty Alleviation Work
China Post Offers Financial Support for Poverty Alleviation Work2018-04-13

In order to carry out the spirit of the 19th Communist Party of China (CPC) National Conference, Vice General-Manager of China Post Group Lü Jiajin announced China Post Group would join the Chinese government in providing financial support for poverty alleviation work at a conference in Beijing on March 21, 2018.

“China Post Group will closely unite around the Party Central Committee with Comrade Xi Jinping as the core, focus on the new concept of the comprehensive and strict governance of the Party and exert its own advantages to actively promote the financial support for poverty alleviation work, making a new contribution to the construction of a well-off society,” said Lü.

“We should carry out the people-centered concept in our concrete work and do our best to help the needy,” he said.

In addition, Lü said that the China Post group should make financial support for poverty alleviation a priority by joining the Party's financial alleviation work.

Focusing on the basic strategy of “Targeted Approach to Alleviating Poverty,” the group's subsidiaries in the financial sector have increased financial support, expanded the scope of poverty alleviation work and achieved remarkable results in the past years.

In addition, the Postal Savings Bank of China (PSBC) has disbursed  loans amounting to 269.7 billion yuan (42.88 billion U.S. dollars) to the state's 832 priority poverty-stricken counties during the 13th Five Year Plan (2016-2020), benefiting 1.57 million people.

To implement the strategy of a “Targeted Approach to Alleviating Poverty,” the PSBC has disbursed loans of up to 30.8 billion yuan (4.899 billion U.S. dollars) nationally.

Also, the targeted poverty alleviation loan increased by 42 percent in 2017, much higher than the growth rate of other loans.

After several years of being implemented, many financial poverty alleviation models have emerged in the bank and achieved good social repercussions, such as infrastructure, e-commerce, and credit villages.

What's more, the Bank jointly established the Postal Love Charity Fund with the China Foundation for Poverty Alleviation (CFPA) in 2017.

The fund has raised a total of 11 million yuan (1.75 million U.S. dollars) by the end of 2017, established “Postal Love Self-improvement” classes in senior high schools of the state's 34 poverty-stricken counties, funding 1,700 needy senior high school freshmen and granting scholarships to more than 300 needy graduates who had been admitted to universities.

Moreover, China Post Insurance has focused on the priority poverty-stricken areas and extended their service to 30,092 outlets in 19 provinces nationwide.

Their service has covered the state's 270 poverty-stricken counties, helping 647,000 beneficiaries there.

It carried out the “Targeted Approach to Alleviating Poverty” work in Henan, Shaanxi, Hunan and other provinces, underwriting a total venture coverage of up to 8.665 billion yuan (1.37 billion U.S. dollars) for 71,585 customers .

At the same time, the company persisted in innovation and has formed a differentiated product system which includes finance insurance, pension insurance, education insurance, accident insurance, etc.

Besides, China Post Securities has played an active role in capital intermediation and vigorously promoted financial support for poverty alleviation.

It signed a cooperative agreement with the government of Shangzhou district in northwest China's Shaanxi Province last year to help the local priority investment project and support enterprises in poverty-stricken areas.

 

(China Post)

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