China gives advice on path to poverty reduction

VIENTIANE (Vientiane Times/ANN) - The National Institute for Economic Research is partnering with the Development Research Centre of the State Council (DRC) of China to share ideas and lessons learnt on poverty reduction.

The two parties met in Vientiane yesterday at an event chaired by the Director General of the Centre for Macroeconomic Policy and Economic Restructuring under the Institute, Dr Sthabandith Insisiengmay, and the Director General of the DRC, Mr Chen Changseng.

Meeting participants learnt about the Chinese approach from a talk given by Mr Chen titled “From poverty to prosperity: explaining China’s growth”.

Also speaking at the meeting, Dr Sthabandith said that not so long ago China was a poor country but was now wealthy, so what Mr Chen had to say was very important for Laos’ economic development.

Dr Sthabandith called on participants to share their ideas and comments with Mr Chen so they could benefit from his advice and spur the development process in Laos.

The lesson for Lao authorities centred on China’s economic development since 1911, and spelled out the main reasons for China’s economic growth and reduced poverty over the past 40 years.

The main factor in China’s economic success has been the opening up of its economy, according to the National Institute for Economic Research.

The Development Research Centre of the State Council is a policy research and consulting institution directly concerned with the economic development of the People’s Republic of China.

Its major function is to conduct advanced research into overall, comprehensive, strategic and long-term issues in economic and social development.

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