China will earmark 146.1 billion yuan (20.6 billion U.S. dollars) this year to fund local poverty alleviation efforts, says a draft budget report submitted Friday to the annual national legislative session.

The country has seen an increase of 20 billion yuan of such funds each year over the past five years, the report showed.

China vows to eliminate poverty among all rural residents living below the current poverty line and in all poor counties this year, according to a government work report submitted to the session.

The country's poverty alleviation tasks are near completion, as the number of impoverished people fell to 5.51 million at the end of 2019 from 98.99 million at the end of 2012.