China has made significant progress in alleviating poverty even amid the novel coronavirus pandemic thanks to its well-guided public policy, according to Ecuadorian analyst Milton Reyes.

"In the midst of such a complicated situation, the fact that China has been able to contain the rise in poverty is progress, when in the rest of the world poverty indicators continue to skyrocket," Reyes said in an interview with Xinhua.

Holding a doctor's degree on global political economy from the Federal University of Rio de Janeiro, Brazil, Reyes said the leadership of the Communist Party of China and the socialist system are key to China's goal of winning the battle against poverty and finishing building a moderately prosperous society in all respects in 2020.

Despite the difficulties arising from the pandemic, China has supported companies with credit, and promoted domestic consumption and production to alleviate poverty.

"It has not only been a policy that is based on aid to the most vulnerable sectors, but also been a structural policy to strengthen large and medium-sized companies that have not generated massive layoffs," he said.

The Chinese government has sought to "maintain and increase employment" and "create opportunities," which has been "fundamental" in the context of the pandemic, said Reyes, who is also a coordinator of the Center for Chinese Studies at Ecuador's Institute for Higher National Studies.

China has been striving "to guarantee the access to livelihoods and at the same time, by increasing consumption, to help strengthen production and small businesses," protecting them against the impact of the pandemic and improving social stability, he said.

Besides, China's long-term planning is crucial to "achieving its objective," and has been "a virtue and a lesson for countries that constantly change public policies," he added.

No country has lifted so many millions of people out of poverty in such a short period of time, which requires a clear pragmatic and strategic vision, the analyst noted.

Latin America, with its high poverty rates, should learn from China's experience and take advantage of its innovative proposals, such as the Belt and Road Initiative, to spur global growth by boosting trade and infrastructure construction with countries worldwide, said Reyes.

"That would open the doors to promoting investment, credit, financing and cooperation based on respectful and mutually beneficial political dialogue," he said.

"In addition, there is the possibility of establishing projects of mutual interests that generate jobs, consumption and demand," he added.

Source:
courtesy of XINHUA NEWS AGENCY

by XINHUA NEWS AGENCY

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