Financial poverty alleviation is blooming in Tibet as China plans to lift all of its poor out of poverty by 2020.
The financial targeted poverty alleviation project is one of the most powerful tools available for current poverty-relief work.
Poor households in Lhasa’s Taktse County can receive the three-year-term “three free loan” of up to 50,000 yuan, which is free of security, mortgage and interest.
Up to now, 604.7 million yuan worth of loans have been issued to 13,054 poor households.
In the “Finance for Poor People” initiative, farmers and herdsmen who are suffering financial difficulties and want to get out of poverty through entrepreneurial projects, without effective guarantee or collateral, can receive support through microfinance projects.
As for those farmers to expand production, they can receive support from rural credit cooperatives or postal savings banks.