Macroeconomics system of poverty needs to be improved: expert

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Last updated at: (Beijing Time) Saturday, November 22, 2003

Macroeconomics system of poverty needs to be improved: expert

China needs to improve its macroeconomics system to eradicate poverty in China, said Li Jiange, deputy director of the State Council Development Research Center, in Beijing Friday.

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China needs to improve its macroeconomics system to eradicate poverty in China, said Li Jiange, deputy director of the State Council Development Research Center, in BeijingFriday.

Addressing the National Workshop on the Macroeconomics of Poverty Reduction, Li said macroeconomics policies were closely related to poverty reduction.

The present poverty reduction policy in China focused more on such microeconomics policies as creating economic environments forpoor areas, helping the poor increase their income and guaranteeing the basic living necessities of the poor, said Li.

However, some macroeconomics policies like finance, investment and exchange rate would play more important roles in alleviating poverty with the improvement of China's market system, Li said.

Li said China had accumulated a lot of experience in fighting poverty and taken steps to offer favorable policies on loans, taxation and economic development for poor areas. After China's efforts on poverty reduction, the rural poverty percentage droppedfrom 30.7 percent to 3 percent while a social security network in the urban areas had been established, covering 20 million people who lost their jobs or ability to work, Li said.

China was facing a tough task ahead in poverty reduction, said Li, adding that there were over 30 million poor people and 60 million low-income people on the edge of poverty. The poverty situation in China would possibly become worse with China's reformdeepening and economic restructuring, Li said.

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