Overcoming poverty through development

WANG Sangui (汪三贵)
The School of Agricultural Economics and Rural Development, Renmin University of China

Abstract:
China has achieved remarkable accomplishments in poverty reduction in the 30 years since it launched its reform and opening-up policy. During this period, more than 500 million people who once lived on less than US $1 a day have risen out of poverty, including 240 million people out of extreme poverty. China’s massive poverty reduction campaign has contributed enormously to realizing the global poverty reduction objectives and the UN Millennium Development Goals. Massive poverty reduction is primarily driven by economic growth, especially by sustained agricultural and rural economic growth. The single largest challenge facing China’s future poverty reduction is the decreasing effect of economic growth on poverty reduction due to widening inequality. In addition, targeting inaccuracy of government poverty reduction investments has reduced its effectiveness. China needs to adjust its economic growth pattern and realize economic growth in a way more favorable to the poor. Meanwhile, China needs to change the method of implementing its poverty reduction project so as to benefit more poor people.

Key words: Poverty; Economic growth; Inequality

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