During this bleak period, in late February 2021, China’s president Xi Jinping announced that – counter to this general global downturn – China had eradicated extreme poverty. What does this announcement mean? As our team at Tricontinental: Institute for Social Research reported last month, it means that 850 million people had climbed out of absolute poverty , that their per capita income had increased to US$10,000, and that life expectancy had increased to 77.3 years on average. Having met the poverty reduction SDGs ten years in advance, China contributed to more than 70% of the world’s total poverty reduction. In March 2021, UN Secretary-General Antonio Guterres celebrated this achievement as a ‘reason for hope and inspiration to the entire community of nations’.

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