BEIJING — China has allocated part of next year's fiscal capital in advance to support water conservancy projects and the rural revitalization campaign.

The Ministry of Finance has allocated 94.1 billion yuan (about $13.04 billion) to help local governments finance projects related with water conservancy in 2023.

The money will go toward enhancing capabilities to counter floods and droughts, offering subsidies to relocated locals due to reservoir projects, and building major water conservancy projects.

Another 148.5 billion yuan has also been earmarked to local governments to finance efforts of revitalizing the countryside.

Financial support will be offered to improve the vulnerable communities' livelihoods and foster industries that can generate long-term benefits to once poverty-stricken areas.