Quotable

Public finance will improve the livelihoods of impoverished people, and the fund has made an innovative step in the country's poverty relief work."

Hu Jinglin, vice-minister of finance, said at the launching ceremony of China's first industry fund for poverty-stricken areas on Wednesday. The fund was founded by the Ministry of Finance, China National Tobacco Corp and the State Development and Investment Corp. It is the first such fund with government backing, an important move for innovative poverty relief and fiscal investment, the founders said in a statement. The initial capital of the fund is 2.8 billion yuan ($457 million).