China’s poverty reduction effort is historic: World Bank Chief

Wednesday, 18 October 2017 00:00 - - {{hitsCtrl.values.hits}}

People’s Daily: China’s effort to eliminate poverty is one of the greatest stories in human history, World Bank President Jim Yong Kim said recently.

The Chinese economy has grown steadily and is making headway in shifting from “rapid growth” to “higher quality economic growth”, Kim added at a press conference to mark the start of the International Monetary Fund and World Bank annual meetings.

“With the evolution of the Chinese economic system and its embrace of the global market, China has lifted about 800 million people out of poverty,” the World Bank Chief noted, praising China’s accomplishments.

Kim added that China was the major contributor to global poverty reduction, with the ratio of people living in extreme poverty in the world having dropped to less than 10%, from 40%.

“We are always looking for the lessons from that experience, and this effort has been an historic one,” he stressed.

Global economic growth has picked up after years of stagnation, with trade beginning to get new vigor, Kim pointed out, but admitted that the fragile recovery pace around the globe is still threatened by flabby investment, a rising tide of protectionism, uncertain policies, and potential fluctuations in the financial market.

Against this backdrop, the World Bank chief called on all countries to address these challenges as well as climate change, natural disasters, famine and disease, by making the economy more resilient.

Kim also expressed expectations for the upcoming 19th National Congress of the Communist Party of China (CPC), saying, “We’re waiting to see what comes out of the Party Congress like everyone else.”

“We’re encouraged that China has stayed on course during this change in what they call ‘rapid growth’ to ‘higher quality economic growth’, and we think that the growth will remain stable in China this year,” he added.