President Xi Jinping on Thursday announced that China has achieved ‘complete victory’ over absolute poverty. In an hour-long speech made from the Great Hall of People in Beijing, he asserted that the victory is a ‘human miracle’ and the government under his leadership has waged & won a massive ‘people’s war against poverty by lifting 100 million people out of the penury state. Xinhua, the official news agency in China called the victory- ”a great leap of the millennium.”

The speech comes after the coronavirus pandemic has pushed the world into an economic crisis, and is set to push 150 million people in the world into extreme poverty. as per the World Bank data, China, the country where the virus originated has emerged from the global crisis relatively undamaged. yet the announcement which was pronounced with bombast but very few details, underlines the country’s looming demographic crisis as its businesses continue to struggle globally, a working-age population about to shrink.

In the last 8 years, The Chinese government has spent as much as $248 billion on poverty elimination. the local officials went door-to-door to collect data of impoverished households, and provided assistance from loans to farm animals. In the speech delivered at the Great Hall, the Chinese communist party head, President Xi emphasized on unity and asked people to unite around him ‘as the core’ and to realize and vision the ‘Chinese dream of the great rejuvenation of the Chinese nation’.

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While China’s economy is anticipated to grow at the rate of 8% this year, analysts believe that the unemployment rates have increased in the country and consumer spending has not yet fully been recovered. failing birthrates and youth struggling to find jobs in the nation points to threaten the growth of China.

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