What can Chinese best learn from my country?
- Source: Global Times
- [01:31 December 22 2009]
- Comments
K. M. Rehan Salahuddin, a PhD student from Bangladesh at Wuhan University in Hubei Province
New tools to fight poverty
With average GDP growth of 10 percent over the past 30 years, China has made great achievements in poverty reduction. But poverty is yet to be removed from China.
The Grameen Bank and Dr Muhammad Yunus successfully implemented microcredit in Bangladesh in the 1970s, a concept which has already been replicated in more than 100 nations. They were awarded the Nobel Peace Prize in 2006 for their innovative work in the field.
China started to adopt the microcredit concept in the 1990s and now there are a lot of non-government organizations running microcredit programs. But the concept is yet to prove popular and effective.
There are several reasons for this. The Secretary General of the China Association of Micro Credit, Bai Chengyu, told the China Microfi nance Summit Forum 2009 that the microcredit institutions need to improve their social performance management and assessment systems to help the investors and regulators with better decision-making and regulations.
China can use the microcredit concept and create better mechanisms by following the policy, rules and regulations. By doing this, Chinese people would reduce poverty and support the government's e. orts for economic growth and development.
