BEIJING, July 30 (Xinhua) -- China's Ministry of Finance (MOF) said Monday it had injected 140 billion yuan (about 20.5 billion U.S. dollars) into an allowance scheme to help needy families and individuals.

China has met its allocation target for this year ahead of schedule, according to the ministry.

The MOF and the Ministry of Civil Affairs urged local authorities to ensure timely allocation and strengthened management of the allowances, which will fund aid programs including the basic living allowance, according to an official with the MOF.

Another 26.6 billion yuan has been allocated to help renovate dilapidated homes for some 1.9 million impoverished families, according to the ministry.

Families living in areas affected by extreme poverty will receive higher subsidies to improve their living conditions, according to the MOF official.