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15 July 2015

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Expert Says LatAm Should Learn from China's Model to Cut Poverty

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MEXICO CITY, Jan. 20 (Xinhua) -- China's economic model has been proven to be effective in spurring economic growth and social development, and Latin America should follow the model, according to the head of Latin America Economic Research at Moody's Analytics.

"I think China's economic model is the model to follow," Alfredo Coutino told Xinhua.

China's experience shows "how you can begin to solve the problem of poverty and the poor distribution of income in Latin America," he added.

After lifting hundreds of millions of people out of poverty, China again met its annual target in 2019 of helping another 10 million people leave the ranks of the poor, noted Coutino.

The key to China's success, he said, has been its ability to turn economic growth into quality jobs.

"They opened factories for the Chinese to give them a decent, well-paid job," said Coutino. "They were trained. It's not enough to just open a factory and give them work. You also need to invest in the training and education of those workers. And that's what China did."

China's strategy tackles the main roots of poverty: poor-quality jobs and low wages, two constant complaints among Latin America's work force, according to Coutino.

Source: Xinhua