Oct 22, 2019

“Poverty rate in US, higher than in China”

The poverty rate in the US is higher than in China, says 2015 Nobel Prize Laureate in Economics and Professor of Economics and International Affairs, Princeton University - Argus Stewart Deaton.
He was delivering a keynote speech under the title “China and the West : Wealth, Health and Equality” at the 3rd 21st Century Maritime Silk Road China (Guangdong) International Communication Forum being held at the city of Zhuhai today (22).
 
Noting that poverty has fallen dramatically by more than half a billion people, Prof. Deaton said that most of the poverty reduction in the world has happened because of China. ... “And indeed, the poverty reduction in China by tens of billions of people is one of the greatest achievements in human history,” he said. 
 
“The US has a 1.7% poverty rate about actually about 5.3 million people living on four dollars a day. If you put that together with China, what is actually remarkable is that the poverty rate in the US is actually higher than the poverty rate in China, he further added.
 
The forum, attended by representatives of many countries, focused on several points such as the integration of the maritime silk road facilitated by the Guangdong - Hong Kong - Macau - Greater Bay Area, development in the area and international media cooperation.
 
Addressing the event, Mr. Chi Fulin - Director of China Institute for Reform and Development (CIRD) said that the per capita GDP of Guangdong, Hong Kong and Macao was only 20% of the San Fransisco Bay Area in 2018 and 26% of the New York Bay area in 2017. However, it may well maintain a growth rate of 7% in the next several years, and will grow larger than that of the Tokyo Bay area in 2022, he added.
 
Meanwhile, emphasising the importance of the The Maritime Silk road, Prof. Fan Gang of the Peking University HSBC Business School noted that the Maritime Silk road will cover many economies, 60% of world’s population and 40% of global land area. 
 
- Shanika Jayasekara, reporting from Zhuhai

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