XINHUA-PAKISTAN SERVICE
China to be at the front for helping Pakistan in its poverty alleviation campaign: Zeng TongBreaking
November 17, 2018
Muhammad Zamir Assadi
BEIJING, Nov 17 (INP): Deputy Director General at China Securities Regulatory Commission (CSRC) Zeng Tong has said that China will be at the front foot for helping Pakistan in its poverty alleviation campaign.
Addressing the journalists of South Asian and South East Asian countries attending Asian media workshop organized by People’s Daily, Tsinghua University and international department of CPC, Zeng Tong said that China will always be open in offering necessary assistance to Pakistan and other developing nations for their poverty alleviation campaigns.
He said that China, in recent decades, excelled and lifted 800 million people out of poverty and the success of China is based on own experience and requirements. China is actively engaged in various projects under Bet and Road Initiative and the major purpose of this economic initiative is to help its partners in poverty alleviation, he added.
The CSRC supported domestic exchanges to strengthen cooperation with Belt and Road countries by investing in overseas exchanges and co-developing trading platforms, as demonstrated by the May, 2017 acquisition by the Shanghai Stock Exchange.
The Deputy Director general told that CSRC also promoted the opening-up of exchange –traded bond market by facilitating the domestic issuance of RMB bonds by governments and higher-traded companies and financial institutions from the Belt and Road countries.
In 2017, the bond market played a greater role in supporting issuers from poverty stricken areas to issue bonds and asset-backed securities, achieving notable success in this effort, told Zeng.
Zeng Tong went on to say that, in 2017, the “Sinolink Securities Langzhong Natural Gas Asset-Backed Securities Scheme,” the first ABS product for targeted poverty alleviation in national level poverty counties, raised RMB 525 million on the Shanghai Stock Exchange bond market.
The proceeds will be used for high-pressure natural gas stations and other poverty alleviation projects, aiming to bolster economic development of Langzhong, a national level poverty county, and lift it above the poverty line, he added.
He also briefed, in October 2017, Yichang Changle investment Group’s 2017 Corporate Social Responsibility Bond, the first poverty alleviation corporate bond in China, was privately offered on the Shanghai Stock Exchange Bond market.
The first issue raised RMB 300 million to fund poverty alleviation projects in Wufeng County and directly benefited 12,131 residents from 4,125 registered poor families.
In 2017, through concerted efforts of all sides, CSRC made much progress in its targeted poverty reduction efforts, receiving wide recognition from local officials and residents as well as the Office of the State Council Steering Group for poverty alleviation and development, added Zeng.
He also told that poverty alleviation has emerged as an important task and flagship campaign for CSRC as the listed companies with our organization are playing important role in the cause.
One listed companies have taken the ownership for one poverty stricken county in providing much needed financial assistance to the poor people in that area, added Zeng.
The Deputy Director General also briefed to the journalists that the inclusive finance functions and mechanisms of the capital market shall be actively explored, the advantages of the securities and futures industry shall be maximized, poverty elimination shall be regarded as the goal, precision poverty alleviation shall be taken as the means, institutional innovation shall be regarded as the driving force, and a multi-level, multi-channel, and multi-aspect precision poverty alleviation pattern shall be formed, to provide strong capital market support for the comprehensive building of a well-off society.
INP/SB
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