China has been a frontrunner in poverty reduction, having lifted a significant number of people from below the poverty line. Some believe that China’s experience can be applied to other developing countries.
World leaders from 28 countries gathered at the 2018 China Poverty Reduction International Forum in Beijing to launch a platform to promote knowledge sharing on poverty alleviation.
With an abundant amount of data on poverty reduction, the Global Poverty Reduction & Inclusive Growth Portal gave the international community a chance to exchange ideas and experiences.
“We wanted to get inspiration and we want to get a direction of how China succeeded in making this remarkable achievement lifting people out of poverty,” said Vincent Martin, Food and Agriculture Organization’s representative in China and the Democratic People’s Republic of Korea.
Martin says poverty conditions in each developing country are diverse, and need to be treated in a case-by-case manner. That’s what makes communication and cooperation necessary.
The financial sectors had been involved in helping developing countries achieve their goals. The Asian Development Bank is committed to advancing South-South knowledge sharing.
“What we are looking really with financial institutions is to develop the kind of collaborative partnerships through co-financing, but also knowledge partnerships that can allow the private sector intermediated by financial institutions to come to build this process as well,” said Benedict Bingham, Asian Development Bank’s Director in China.
World organizations are collecting more research and case studies to solicit better practices for each country.