China moves to improve people´s livelihood

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Source: CCTV.com | 10-23-2008 13:17

China is taking ten measures to improve people's livelihood. They include financial assistance to students from low-income families and residents hit by the May earthquake, and favorable policies for home buyers.

Students from low-income families are getting help for  their college education or vocational training.

Students from low-income families are getting help for their college education or vocational training. The central government has earmarked over 22 billion yuan, or three billion US dollars in financial aid.

High school and university students from low-income families hit by the May 12th earthquake, will also benefit.

For one year, they'll be given tuition exemption and living subsidies. 805-million yuan, or about 120-million US dollars, will come from the central budget and lottery public welfare fund.

All university students from low-income families will continue to receive a monthly subsidy of 40 yuan, or about seven US dollars. Temporary food subsidies will also be granted for five months.

At the beginning of the month, China raised pensions and living subsidies for veterans. Funding for the year is over 14 billion yuan, or two billion US dollars.

Two and a half billion yuan, or 370-million US dollars, will go to ensure the basic living standards for residents in the quake zone in southwestern China.

They'll also get financial assistance for this winter and next spring.

Home buyers will get a break starting November the 1st. The deed tax rate will be cut to one percent from three to five percent for the first purchase of a property under 90 square meters. The stamp duty and the land value-added tax for properties will also be temporarily suspended.

China will also speed up the construction of low-cost housing, and the renovation of dangerous housing.

The government has also drawn up low-income family criteria to guarantee the supply of low-cost housing.

A senior financial official says this array of measures is an important part of the macro-economic control. They will help boost domestic consumption and consolidate the national economy.

Editor:Zhang Ning