By JOHN RICHARD SCHROCK
American news media often overlook or downplay any news of success in China. But mostly overlooked in the initial stages of the pandemic was a major economic achievement: China totally eliminated extreme poverty nationwide. This makes China exceptional in human history.
According to Reuters, China set the definition of “extreme poverty” at US$1.69 a day or earning less than US$620 a year based on exchange rates. Because the cost of living in rural China is less, this amount is lower than the World Bank threshold of US$1.90.
China’s economic miracle began after Mao’s death, with Deng Xiaoping ending the commune system—so individuals would benefit from their own efforts—and greatly expanding China’s educational system. This has now resulted in a middle class twice the size of America’s middle class, and still rapidly growing….
