Beijing, April 21: China has recorded a remarkable progress in poverty reduction at large scale from last four decades by lifting more than 800 million of its citizens out of extreme poverty level, stated by professor Wang while addressing to the group of journalists belonging to South Asia, South East Asia and Africa.
While addressing to the event here, he highlighted the efforts of Chinese government in the last four decades by which China has greatly contributed to meet the requirements of the Millennium Development Goals (MDG) over the past 40 years.
China is the first county that fulfilled the goal of halving poverty incidence by 2015 with the steady decrease of poverty.
Measured by $1.25 dollar a day, the poverty incidence decreased from 60% in 1990 to 30% in 2002, and further to 4.2% in 2014, said professor Wang.
He noted that China contributed 70% of global poverty reduction during 1990-2015 with the effective policies and its implementation.
He also said that 884 million people were registered as below the poverty line in 1981 which were decreased to only 25 million in 2013 since it launched its reforms and opening up policies.
China achieved fast economic growth as per capita GDP grows from RMB 379 yuan in 1978 to RMB 6957 yuan in 2013 in constant terms, with an annual growth rate of 8.9%, said professor Wang.
He also told that the impact of agricultural growth on poverty reduction is at least twice as big as that of overall GDP growth.
Growth is based on a rather equal distribution of assets and income when the reform started the land was equally distributed to households on a per capita basis, stated professor wang.
While addressing to the journalists, he said that growth of non-agricultural sectors also provided job opportunities for rural people including the poor citizens.
He also highlighted targeted poverty reduction policies under which poor counties and villages throughout China were designated geographically since 1986.
Professor Wang told that over 200 billion yuan was invested in infrastructure and for production purpose by the central government
More than 200 billion yuan subsidized loans was made by state-owned banks and over 10 billion yuan was invested for social development in poor areas.
In these efforts, 100 billion yuan was invested by local governments in poor areas for poverty reduction while over 100 billion yuan from international and bilateral development agencies, government organizations, SOEs, as well as coastal provinces and municipal governments through special arrangements.
He mentions that consistent agricultural growth was the driving force that helped in poverty reduction following the poor population belongs to villages that depend on agriculture for their better livelihood.
Professor Wang also explains that China still has a large number of poor populations measured by higher poverty lines and Economic growth is also slowing down so country needs better targeted poverty interventions aiming at the poor households or individual.