The Chinese government announced it will provide one-time cash subsidies to the extremely poor, a day after the central bank launched a series of stimulus measures aimed at boosting the economy.
This donation will be distributed to the extremely poor, orphans and other needy people on the occasion of the 75th anniversary of the founding of New China. Ministry of Civil Affairs of China reported Wednesday. This is according to Google Translate. These subsidies will be distributed before the National Day on October 1 to “timely convey the care of the party and the government to the people in need.” The report did not specify the amount of the stipend or any further details.
Shaun Rein, founder of China Market Research Group, said in an interview with CNBC: “Xi Jinping and the Chinese Communist Party are committed to promoting the development of low- and middle-income groups in China through common prosperity…Xi Jinping is focused on establishing equality in poor areas .
The concept of common prosperity was first proposed by Mao Zedong in the 1950s Chinese government relaunches in 2021 Promote moderate prosperity for everyone.
As of November last year, China’s subsistence allowance population reaches 40.4 million. For people living in urban areas, the average living allowance is about 779 yuan ($110.80) per person per month, while in rural areas the cost of living is 615 yuan per person.
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