China Lifted 600 Million People Out Of Poverty Between 1981 And 2004 (Jun 2011)

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Source: The Guardian – The uncomfortable reality of development

Notable excerpts:

Anti-corruption, accountability and governance constitute the basic building blocks to development, according to the conventional wisdom. Yet, two countries that have made the greatest strides in poverty reduction can hardly be held up as models of good governance. In both cases, the governments are highly authoritarian – one-party rule – and accountability is limited.

The two countries that have won plenty of plaudits from the International Monetary Fund and the World Bank for lifting millions out of poverty are China and Vietnam. China lifted more than 600 million people out of poverty between 1981 and 2004Vietnam has lifted about 35 million people out of poverty, its poverty rate has plummeted from 58% in 1993 to 14% in 2008 and it is well on its way to achieving middle-income status (defined by the World Bank as countries with a per capita income of $1,000).

China’s success is even more stupendous. Using the poverty standard of a person living on $1.25 a day, the incidence of poverty in China declined from 85% in 1981 to 27% in 2004.

Granted, such success has had its downside, notably growing inequality and huge regional disparities, especially in China between the coastal regions and the interior. But there is no getting away from the overall impressive achievements of these two countries, where the communist party holds a monopoly of power and where dissidents such as Chinese artist Ai Weiwei are treated harshly.

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One thought on “China Lifted 600 Million People Out Of Poverty Between 1981 And 2004 (Jun 2011)

  1. Pingback: Mayor Bloomberg: ‘U.S. Can Borrow INFINITE Amount Of Money’ | livinginabubbleblog

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