Winning the battle against poverty is a solemn promise that the CPC has made to the people. The CPC SZSE Committee has followed the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and always taken poverty alleviation work as an important political task. According to the unified arrangements of China Securities Regulatory Commission (CSRC), since SZSE was designated to carry out targeted poverty alleviation in Wushan County, Gansu in 2013 and in Maigaiti County, Xinjiang in 2016, SZSE has actively employed such means as poverty alleviation through development of local industries, through finance, through improvement of people’s livelihood and through education, given full play to its talent advantage and market functions, and mobilized forces of the industry, completing its poverty alleviation tasks with high quality. In the past seven years, SZSE has directly injected a total of CNY 60.47 million funds in Wushan County and Maigaiti County, channeled CNY 2.37 billion industry funds, organized and implemented over 70 targeted poverty alleviation projects, and assisted the two counties in fulfilling their poverty alleviation tasks with high quality. In June 2019, Wushan County passed the acceptance check for overcoming poverty. In January 2020, Maigaiti County was lifted out of poverty. Nearly 170,000 people in the two counties got rid of poverty, a decisive achievement made in the battle against poverty.
Actively assisting in resumption of work and production and taking solid steps to prevent and control the pandemic
The ninety miles is only half of a hundred miles journey – the going is toughest towards the end of a journey. This year is the final year of the campaign for poverty alleviation. Due to the COVID-19 pandemic, new challenges have risen in poverty alleviation work. The CPC SZSE Committee has innovated its working mode, and carried out pandemic prevention and control and poverty alleviation as a whole. On the basis of ensuring the people’s health and safety, it has adopted various measures simultaneously and coordinated with relevant parties to assist the two counties in resuming economic and social operation. Since the beginning of the year, SZSE has donated CNY 3.8 million funds for pandemic prevention and control to the two counties, bought 18 ambulances and supporting medical apparatus and instruments to improve the local hospital facilities of the counties, collected more than 900,000 masks from various parties, and taken solid steps to prevent the spread of the pandemic in elementary schools and middle schools. SZSE has made good use of the “Shen Yin Tong” petty loan project and extended the repayment period for CNY 13.6 million loans to four enterprises in Wushan County to support local micro and small businesses in resuming production. SZSE has actively pushed 12 SZSE-listed companies to provide 200 jobs to assist the two counties in resumption of work and production.
Poverty alleviation through development of local industries shows advantages: the self-sustaining capacity of local industries is enhanced
Give a man a fish, and you feed him for a day; show him how to catch fish, and you feed him for a lifetime. To strengthen the two counties’ self-development capability, SZSE has taken the development of local industries as the fundamental solution to poverty alleviation. Focusing on arousing the endogenous power of the poor, SZSE has developed characteristic industries based on local conditions and created jobs through various channels to continue to enhance the self-sustaining capacity of local industries to get rid of poverty. In leveraging the advantage of Maigaiti in livestock breeding, SZSE has donated CNY 4 million and creatively launched the “Tiechu” poverty alleviation project. The money was used to buy female Dolan sheep which were given to poor villages as collective property. The breeding was contracted by individual farmers, who can obtain income from the lambs reproduced by Dolan sheep. By now, the breeding of 3583 Dolan sheep was contracted by 407 poverty-tricken families.
In the first pilot village, Kakexiale Village, an old Uyghur CPC member bred 10 Dolan sheep, which has so far given birth to more than 20 lambs, creating an income of more than CNY 20,000. This indicator alone is far higher than the poverty line. The old man often says, “Thanks to the good policy and our hard work, we are living a better life.” Through hard work, farmers can get rid of poverty and become better off in their home villages.
SZSE has also actively introduced quality poverty alleviation projects through industry development. SZSE attracted CNY 500 million investment to implement the pilot project of Angus beef cattle breeding in Maigaiti County, which is expected to bring about no less than CNY 20 million dividends to 140 villages across the county every year. SZSE also introduced leading enterprises to drive the agriculture of Wushan County to improve quality and efficiency, invested CNY 20 million to build a fruit corn processing plant, and invested CNY 2.37 billion to create a 1 million pig breeding industrial chain. The projects are expected to generate CNY 5.2 billion in sales income and create more than 1,300 jobs.
Innovating measures for poverty alleviation and improving quality and efficiency of precision poverty alleviation
SZSE launched knock-out credit products “Shen Yin Tong” and “Shen Nong Hui” to solve the difficulties of small and medium-sized enterprises (SMEs) and farmers in poverty-stricken areas in financing and provide startup capital for poor people in cooperation with China Construction Bank and China Foundation for Poverty Alleviation, which has effectively supported local economic development. In the project, SZSE provided CNY 25 million initial capital, which levered nearly seven times of banking and social funds to support poverty alleviation, with interest rates 1 to 3.5 percentage points lower than those of loans of the same type. So far, 35 loans have been granted to 14 enterprises via the “Shen Yin Tong” project, totaling CNY 103.1 million. 5,451 personal loans have been issued to 344 administrative villages in 15 towns via the “Shen Nong Hui” project, totaling CNY 80.8 million,.
“Thanks to the CNY 20,000, I could finally afford a tractor! We had a good harvest of potatoes this year. I drove them to streets and towns and villages in my tractor and had a good sale. I’m now repaying the loan to the credit cooperative,” said a middle-aged man, who was happily waiting in a CD Finance outlet for handling of repayment, with a loan contract and some money in the hand.
Helping the people in need and putting in place “two assurances and three guarantees” (rural poor people are free from worries over food and clothing and have access to compulsory education, basic medical services and safe housing)
SZSE has insisted on staying close to the grassroots to understand the needs of poor people, and based on that, SZSE has organized and implemented precision poverty alleviation projects through improvement of the people’s livelihood that can really solve poor people’s problems. In Wushan County, Gansu, SZSE has invested CNY 12 million to renovate dilapidated houses. The project has benefited more than 800 poor households and homes with disabled family members. In every link from house visit and survey to distribution of funds, the use of funds is well-targeted, open, and transparent. A man in Wushan County who just moved to his new house said excitedly to poverty alleviation officers, “I was poor and didn’t have a house to live in before. Now you’ve repaired my house. I’m very happy with it! Thank you, CPC. Thank you, poverty alleviation officers!”
Located on the edge of a desert, Maigaiti has a prolonged drought and water with a high level of hardness, affecting the health of the people living there. “We coordinated with Evergrande Football School to select students in the county. They finally chose a boy. However, before he left for Guangzhou, the boy failed because he was found to have stones in the physical checkup. He lost the life-changing opportunity,” a football coach said with pity. To solve the local water problem, SZSE has invested a total of CNY 2.4 million and completed 30 safe water drinking stations in the locality since 2017. 19,000 villagers, teachers and students no longer need to drink bitter and salty water. The project has completely solved the drinking water problem of the local residents, made them truly feel the care of the CPC and the state, and further enhanced the foundation of national unity.
Obtaining fruitful results in poverty alleviation through education and advancing poverty alleviation through ambition and intelligence cultivation
Education is an important way to stop inter-generation transmission of poverty. “In a fifth-grade class in Maigaiti County, there are 50 kids. The highest score of Chinese is 54 points, the lowest 0.5, and there are many 2s and 3s.” As he spoke, the eyes of a post-80s poverty alleviation assistant from SZSE were glistening with tears. In his view, the kids he faces now will be masters of the land beneath his feet 20 years later. Only through education can their senses of identity with and belonging to the Chinese culture be enhanced.
SZSE has done a lot of work in supporting the development of education and popularizing common language in Maigaiti County, and continued to improve local basic education conditions. Such work includes donating CNY 1.25 million to install “Class Connect” multimedia teaching equipment in local schools, and engaging quality faculties in the mainland and young employees to provide online teaching, covering more than 30,000 students in 765 classes in 63 elementary schools across the county. SZSE contacted member units to donate and build “Heart-to-Heart Bridge” kindergartens, and set up teacher training and award funds to stabilize the faculty. SZSE also introduced Tsinghua University High School and the State Administration of Radio, Film, and Television Training Base and so on to train teachers in the county. “Our school has hope and our children have hope now. I will not leave,” said a newly recruited rural teacher in tears.
When the light of education shines in poverty-stricken areas, the “impossible” has become “possible”. In Wushan County, SZSE has invested CNY 4.17 million in total in poverty alleviation through education to renovate school buildings, help poor students, etc. In 2018, two students in Wushan County were admitted by Tsinghua University and Peking University respectively, the first ones in nearly 30 years. In 2020, Wushan County has other good news. Four students were admitted by Tsinghua University, Peking University, Fudan University and Zhejiang University respectively.
Enhancing conduct through poverty alleviation and being committed to the new journey of reform of the capital market
SZSE has adhered to targeted poverty alleviation as an important lever to enhancing officials’ Party consciousness. With the targeted poverty alleviation areas as the fronts to practice “Two Studies and One Action” (Party members should develop a good understanding of the Party Constitution, Party regulations, and General Secretary Xi Jinping’s major policy addresses and live up to Party standards.) and education in national conditions, SZSE has assigned excellent officials and key employees to participate in poverty alleviation and take temporary posts, specifically, a normal mechanism with one temporary deputy head and two poverty alleviation assistants for each county, and established the directory of job responsibilities of such posts.
“The happiness of the Chinese people and national rejuvenation are the founding missions of the CPC. In the pursuit of common prosperity, some people fall behind. Having the opportunity to help them is an honorable task!” Based on such simple logic, a poverty alleviation assistant trusted his young son to his relatives and left Shenzhen, a modern city in the Greater Bay Area, without hesitation for the poor county Wushan on the Loess Plateau. So far, SZSE has sent five poverty alleviation officials and 36 poverty alleviation assistants to the two counties, organized six groups of CPC cadres, totaling 96 people, to carry out poverty alleviation survey and national conditions education activities. They went to poor counties to support agriculture and education, forming a synergy across the exchange for poverty alleviation. At the exchange and reporting meeting of employees holding temporary poverty alleviation posts, six representatives share their thoughts on their practice in the remote areas with harsh conditions. Their stories have aroused patriotism in employees of SZSE and inspired them to work even harder.
The valuable experience of fulfilling the founding mission of the CPC in the field is transforming into consciousness in thinking and action to stick to and carry out the founding mission of the CPC among young CPC members of SZSE. At present, SZSE’s poverty alleviation cadres are still fighting at the frontline of the battle against poverty, to secure a victory in the “last mile” in building a moderately prosperous society in all respects. The CPC cadres who have returned from their poverty alleviation work have again thrown themselves into the great cause of deepening the reform of the capital market in all aspects.
Giving full play to professional strengths and fully implementing poverty alleviation through the capital market
Besides targeted poverty alleviation, SZSE has, according to the Opinions of China Securities Regulatory Commission on Leveraging the Role of the Capital Market to Serve the National Strategy of Poverty Alleviation and its plan on division of work, organized and implemented a series of financial measures for poverty alleviation, given play to the role of the capital market in supporting the development of poverty-stricken areas, and attracted social capital to participate in poverty alleviation.
SZSE has attached great importance to IPO cultivation in poverty-stricken areas. The leadership of SZSE has led teams to visit poverty-stricken area companies planning to get listed many times to investigate in depth the economic development in those areas. The marketing team has worked with 994 companies planning to get listed in poverty-stricken areas, providing them with consulting services on standard operation, restructuring listing, filing, etc. Since 2016, a total of nine companies based in areas of extreme poverty have been listed on SZSE via the CSRC IPO green channel, with IPO proceeds of CNY 6.153 billion.
With information disclosure as the focus, SZSE has guided listed companies to fulfill the social responsibility of poverty alleviation and gathered forces from relevant parties to serve the poverty alleviation strategy. In 2019, 594 SZSE-listed companies disclosed information about poverty alleviation, accounting for 26.84% of all SZSE-listed companies. Direct investments involved were CNY 17.488 billion, and materials were CNY 211 million worth. They helped about 549,400 registered poor people get rid of poverty. The number of companies participating in poverty alleviation, the amount of investments, and the effect of poverty alleviation all improved significantly.
SZSE has put in place the special corporate bond policy for poverty alleviation and actively expanded the financing channels for enterprises in poverty-stricken areas. In May 2018, SZSE released Answers to Questions on Special Corporate Bonds for Poverty Alleviation, making it clear that the bond market should take solid steps to make institutional arrangements for precision poverty alleviation. So far, the SZSE bond market has issued 22 special corporate bonds for poverty alleviation, with an issue volume of CNY 12.18 billion, and 17 asset-backed plans for poverty alleviation, with an issue volume of CNY 26.972 billion.
SZSE has continued to strengthen communication with and training of enterprises and financial officials in poverty-stricken areas. SZSE took the lead in holding the “Capital Market Serves the Development of Poverty-stricken Areas” seminar. More than 210 local financial officials from 162 counties of extreme poverty in 22 provinces attended the seminar. A poverty alleviation cadre who has participated in SZSE’s “Home of Finance Office” said with confidence, “Through the training, I have changed my thinking and gained a deep understanding of how to use modern financial means to make innovations in ways of poverty alleviation. I’ve learnt a lot.”
Getting rid of poverty is not the finishing point but the starting point of a new life and a new struggle. SZSE will always follow General Secretary Xi Jinping’s important exposition and instructions on poverty alleviation, and fully implement the unified arrangements of the CPC CSRC Committee for the capital market. By giving those in need a leg up to get them going, we will continue to increase support in fund, talent and project, and further improve the effectiveness of targeted poverty alleviation. We will establish a long-acting mechanism that allows the capital market to serve the development of poverty-stricken areas, focus on consolidating and expanding poverty alleviation achievements, effectively combine the rural revitalization strategy, and make new greater contributions to win the battle against poverty and build a moderately prosperous society in all respects.