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Reuters
Reuters
Business

China issues $8 billion subsidies for water conservation development

FILE PHOTO: Fisherman Sun Lianxi stands in a boat as he drops his net into the waters of the Yellow River on the northern outskirts of Zhengzhou, Henan province, China, February 21, 2019. REUTERS/Thomas Peter

China's ministry of finance said it issued 57.4 billion yuan ($8.87 billion) in subsidies for local water conservation development for 2021, a 3.1% increase from the previous year.

According to an online statement, the subsidies will support efforts to improve flood and drought prevention by managing rivers and reservoirs, increase water usage efficiency and to manage soil erosion.

The subsidies will also help measures to improve the safety of drinking water in rural areas with the construction of new reservoirs to address water shortage.

($1 = 6.4710 Chinese yuan renminbi)

(Reporting by Emily Chow and Wang Jing; editing by Uttaresh.V)

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