China to allocate further subsidies for people in need, says finance ministry


China will soon allocate 53 billion yuan as subsidies for people with financial difficulties due to the coronavirus pandemic, said the country's finance ministry on Saturday. 

The Ministry of Finance (MOF) has already allocated 103 billion yuan to help those affected, which means total aid fund will be bumped up to 156 billion yuan (about 22.2 billion U.S. dollars), exceeding the amount last year, said MOF official Wang Xinxiang.

Wang said that every penny of the subsidy should be used and managed well as it is life-saving money for people in need. He said the fund will be directly paid to the personal accounts of those in difficulty or the accounts of related institutions in accordance with relevant procedures.  

Meanwhile, local authorities should enhance the information transparency by disclosing the distribution results to the society, said Wang.

The country has stepped up efforts to shore up coronavirus-hit groups and businesses. During a State Council executive meeting last week, the country said it will enhance support to low income groups, and raise subsidy standards and expand the coverage of subsistence allowances. Also, re-lending and re-discount quota for small and medium-sized banks will be expanded by one trillion yuan. 

The country has also released a slew of measures to stabilize employment, including offering subsidies, encouraging online hiring and providing financial support.