Home / Special Report/ China’s poverty reduction effort is historic: World Bank Chief

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


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 18 October 2017 00:00


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.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Depreciating rupee: Avoiding a money-go-round

Wednesday, 17 October 2018

Sri Lanka’s excessive reliance on foreign capital to finance investment under favourable external financial conditions is now leading to disruptions, as those conditions change in a decisive interest rate tightening phase in the United States. As U


Responsible water stewardship in Sri Lanka

Wednesday, 17 October 2018

Unlike many of our regional neighbours, Sri Lanka is blessed with an abundant water table. However, many companies do not feel the full value of this precious resource due to the limited regulation and monitoring of fresh water extraction for busines


Economy in disarray, banks flourishing; can this be true?

Wednesday, 17 October 2018

It is earlier reported that the growth in bank credit accelerated in August despite the tight credit and money conditions and rising non-performing loans in the banking sector. It is further reported that the year-on-year (YoY) growth in credit accel


1/3 of your training budget should be spent on developing leaders for boosting corporate performance

Wednesday, 17 October 2018

“Great companies spend an average of 32% of their training budget on leadership development.” – Brandon Hall’s leadership survey The highest Return On Training Investment (ROTI) comes from helping your managers sharpen the leadership skills


Columnists More