Private Chinese conglomerates, many of them facing political pressure over massive debts, are pouring billions of dollars into President Xi Jinping’s drive to improve the lives of the 30m poorest people in China.
Mr Xi’s pet project aims to raise the incomes of every adult in China above a poverty line of Rmb2,300 ($350) per year by 2020, with Beijing spending $16bn on the drive this year, including the relocation of 2.8m people to newly-built resettlement villages.
Analysts say the companies are investing heavily in the scheme in an attempt to curry favour with Beijing, which has pledged to crack down on debt and retains control of most of the country’s financial system.
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