China to invest USD 4.3 bln for poverty alleviation in Tibet

China plans to allocate USD 4.3 billion in Tibet this year to improve the lives of local residents and develop border areas in the remote Himalayan region.
Tibet's regional finance department said nearly half of the funds amounting to 30 billion yuan (USD 4.3 billion) will be channelled to eradicate poverty and subsidise residents in border areas, state-run Xinhua news agency reported today.
About six billion yuan will be used to boost development in border areas and residents in the areas will see their living subsidies rise to up to USD 450 (2,700 yuan).
Additionally, the standards for the minimum living allowance for urban and rural residents in the region have been raised to 700 yuan and 3,311 yuan a month, respectively, said Jiang Guojie, deputy head of the department.

The rest of the funds will also be used to improve financial aid in areas such as education, medical care and social insurance.
Over the past four years, the regional government has earmarked over 70 per cent of its revenue to improve people's livelihood, leading the country in providing 15 years of free education, collective support for poor senior citizens and orphans, and full and equal coverage of endowment insurance in urban and rural areas, Guojie said.