830m yuan for restoration of areas hit by flooding

China has channeled 830 million yuan ($118.4 million) from its central budget to restore water conservancy and agricultural production facilities in flood-hit areas, the Ministry of Finance said on Wednesday.

The funds, allocated to 12 provincial regions including Jiangxi and Hubei provinces, will also be used to purchase materials needed for agricultural production after the disaster, as well as for post-disaster recovery and the restoration of production and daily life, it said.

This year's central budget has marked 1.29 billion yuan for the restoration of water conservancy and agricultural production facilities in flood-hit parts of the country.

Since June, continuous downpours have lashed large parts of southern China, and the water in many rivers in affected regions has exceeded warning levels.

Changes to student loan policy reduce debt burden

China has revised its State-subsidized student loan policy in a bid to further reduce the debt burden on college students, a notice published on July 21 said.

The notice, jointly issued by the Ministry of Education and three other ministries, said State-subsidized student loans will be priced at 30 basis points below the loan prime rate－a market-based benchmark lending rate－for loans of the same class and term.

The latest rate will apply to contracts dated from Jan 1 this year, it said.

The grace period for the start of principal repayment has also been extended from three years to five years after graduation, it said, with students only needing to pay the interest during that period.

Borrowers need to pay off the principal and interest within 15 years of graduation, and the maximum term of a loan will be 22 years, the notice added.

The last time China adjusted its student loan policy was in 2015 when it extended the repayment period to 13 years after graduation, with a maximum term of 20 years.

Xinhua contributed to the story.