BEIJING -- The Ministry of Finance on Thursday announced that the central government had earmarked 3.2 billion yuan ($470 million) to reward eight localities that have achieved remarkable poverty alleviation results.

Each of the eight provincial areas, including Anhui, Sichuan, Guizhou and Tibet, will receive 400 million yuan, the ministry said in a statement.

Chinese authorities in 2016 published a set of criteria to annually assess local governments' poverty-relief work.

Authorities that fail to deliver satisfying poverty reduction results will be held responsible, while those with outstanding performances will be rewarded, with the results serving as major references to assess the performance of local officials.

The Chinese government has vowed to lift all the rural impoverished out of poverty by 2020 to build a moderately prosperous society.

Since China started the reform and opening-up drive more than 30 years ago, over 700 million Chinese have shaken off poverty, accounting for more than 70 percent of global poverty reduction in that time.