China spends $140 billion to resettle poor people

China spends $140 billion to resettle poor people
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China will invest 946,3 billion yuan ($140 billion) by the year 2020 to the program of resettlement of the poorest population from the country's sparsely populated areas, the national Commission for National Development and Reforms announced on Monday.

The program will be financed by state-owned China Development Bank and The Agriculture Development Bank of China. The funds are expected to be spent on construction of housing and infrastructure. A portion of the sum will be allocated to development of the cleared plots of land.

Mass resettlement is a part of the state program targeted at improving living standards of 10 million poorest citizens of the country until 2020. Two million people from the hard-to-reach regions are expected to move to the more populated districts of China as early as this year.