China announced it will offer a one-time cash allowance to those in extreme poverty, after it rolled out a slate of stimulus aimed at shoring up the economy.
China 's government announced it will offer a one-time cash allowance to those in extreme poverty, a day after its central bank
The handout will be provided to "extremely poor people, orphans and other needy people on the occasion of the 75th anniversary of the founding of New China," Chinese local media CCTV reported on Wednesday. That's according to a Google translation. The subsidies will be doled out before China's National Day on Oct. 1 to "promptly convey the Party and government's care and concern for the needy.
"Xi Jinping and the CPC are laser focused on giving a hand to low- and middle-income Chinese through his common prosperity drive … Xi is focused on building equity in poorer regions," founder of China Market Research Group Shaun Rein told CNBC when asked about the living subsidies.. The average allowance was about 779 yuan per person a month for those staying in urban areas, while rural subsistence was 615 yuan per person..
While Chinese President Xi Jinping is a proponent of common prosperity, deploying one-time handouts within such a short time frame is still uncommon. Even during the Covid pandemic, China did not give out cash subsidies to households and enterprises unlike other governments such as the U.S. and Europe, key member of the Chinese central bank
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