China's poverty-alleviation campaign "a huge success": Nobel laureate

Since the founding of the People's Republic of China in 1949, it has lifted over 800 million people out of poverty, which represent over 70 percent of global poverty reduction. The country aims to wipe out extreme poverty b y 2 0 2 0 , 1 0 y e a r s earlier than the deadline set by the United Nations in its 2030 Agenda for Sustainable D e v e l o p m e n t a n d i t s 1 7 S u s t a i n a b l e Development Goals.

China's efforts in fighting poverty over the past decades has been "a huge success" amid the sustained growth in the country driven by reform and opening-up, a U.S. development economist and Nobel laureate has said.

"China has experimented a lot to find ways to improve economic development and to reduce poverty, and in that process, it's been very successful," Michael Kremer, a Harvard professor whose research examines education and health in developing countries, immigration and globalization, told reporters in a recent interview.

A decentralized approach "combined with appropriate incentives has been a powerful ingredient behind China's success in fighting poverty," said Kremer, who received the 2019 Nobel Prize in Economics, together with MIT professors Esther Duflo and Abhijit Banerjee for their "experimental approach to alleviating global poverty."

Another element behind China's success in poverty relief "is the process of experimentation," in which new policies are of ten introduced in a particular region before being spread more broadly, according to him.

" One of the things that's particularly amazing about China is not only the extremely high growth rates, but those have been sustained for four decades ... So that type of consistent growth is very rare," said Kremer, highlighting the country's principle of trying to get economic growth through openness and its overall economic reform.

The Nobel laureate noted that the country's attention to a social safety net is "very valuable." As China has grown, the country is trying to address the problem of individuals who are poor for a variety of reasons and tries to provide a social safety net, whether that's through education system, healthcare system or pensions, said Kremer.

 

Chinas poverty-alleviation campaign a huge success: Nobel laureate

Since the founding of the Peoples Republic of China in 1949, it has lifted over 800 million people out of poverty, which represent over 70 percent of global poverty reduction. The country aims to wipe out extreme poverty b y 2 0 2 0 , 1 0 y e a r s earlier than the deadline set by the United Nations in its 2030 Agenda for Sustainable D e v e l o p m e n t a n d i t s 1 7 S u s t a i n a b l e Development Goals. Chinas efforts in fighting poverty over the past decades has been a huge success amid the sustained growth in the country driven by reform and opening-up, a U.S. development economist and Nobel laureate has said. China has experimented a lot to find ways to improve economic development and to reduce poverty, and in that process, its been very successful, Michael Kremer, a Harvard professor whose research examines education and health in developing countries, immigration and globalization, told reporters in a recent interview. A decentralized approach combined with appropriate incentives has been a powerful ingredient behind Chinas success in fighting poverty, said Kremer, who received the 2019 Nobel Prize in Economics, together with MIT professors Esther Duflo and Abhijit Banerjee for their experimental approach to alleviating global poverty. Another element behind Chinas success in poverty relief is the process of experimentation, in which new policies are of ten introduced in a particular region before being spread more broadly, according to him. One of the things thats particularly amazing about China is not only the extremely high growth rates, but those have been sustained for four decades ... So that type of consistent growth is very rare, said Kremer, highlighting the countrys principle of trying to get economic growth through openness and its overall economic reform. The Nobel laureate noted that the countrys attention to a social safety net is very valuable. As China has grown, the country is trying to address the problem of individuals who are poor for a variety of reasons and tries to provide a social safety net, whether thats through education system, healthcare system or pensions, said Kremer.