WB:China's poverty reduction effort historic

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Added On October 13, 2017

World Bank President Jim Yong Kim says China's effort to help 800 million people out of poverty is historic. 

 
He made the remarks in a press conference marking the start of the International Monetary Fund and World Bank annual meetings on Thursday.
 
SOUNDBITE(English) JIM YONG KIM, World Bank President  
"This is one of the great stories in human history frankly starting in 1990 with the evolution of the Chinese economic system and its embrace of the market the global market. China has lifted over 800 million people out of poverty and so most of the progress that's been made in going from 40 percent of the world live in extreme poverty to now less than 10 percent. Most of that progress happened in China."
 
According to Kim, the World Bank will continue to work with China in areas, such as healthcare system overhaul and ensuring social services access in distant regions in China.
 
When asked about China's economic outlook, Kim said that China has been making progress in reducing reliance on investment and exports and focusing on domestic consumption and services sector.
 
At the same press conference, IMF chief Christine Lagarde said that the IMF upgraded China's economic outlook in 2017 and 2018 in view of its fiscal stimulus.
 
SOUNDBITE(English):CHRISTINE LAGARDE, IMF Chief
" We certainly welcome the decisions that have been made, particularly by the PBOC (China's central bank) to actually tame, reduce credit." 
 
Lagarde suggested China should continue the policies to rein in credit growth in order to prevent financial risks.