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WASHINGTON John Carlson USA Jersey , Oct. 12 (Xinhua) -- World Bank President Jim Yong Kim said on Thursday that China's effort to help 800 million people out of poverty is historic.


"This is one of the great stories in human history, frankly," said Kim in a press conference marking the start of the International Monetary Fund and World Bank annual meetings, when he was asked to comment on China's poverty reduction efforts.


"With evolution of the Chinese economic system and its embrace of the global market, China has lifted over 800 million out of poverty Joe Pavelski USA Jersey ," said the World Bank chief.


With China as the major contributor to the world's poverty reduction progress, the ratio of people living in extreme poverty in the world has dropped to less than 10 percent from 40 percent, said Kim.


"The lessons we learn in China... the fact that 800 million people were lifted out of poverty, the lessons we learned by working in China are very helpful to other middle income countries," said Kim.


According to Kim Jamie Langenbrunner USA Jersey , the World Bank will continue to work with China in areas, such as healthcare system overhaul and ensuring social services access in distant regions in China.


When asked about China's economic outlook, Kim said that China has been making progress in reducing reliance on investment and exports and focusing on domestic consumption and services sector.


"We're encouraged that China has stayed on a course of this change from what they call rapid growth to more quality economic growth," said Kim.


At the same press conference, IMF chief Christine Lagarde said that the IMF upgraded China's economic outlook in 2017 and 2018 in view of its fiscal stimulus.


"We certainly welcome the decisions that have been made James van Riemsdyk USA Jersey , particularly by the PBOC (China's central bank) to actually tame, reduce credit," said Lagarde.


Lagarde suggested China should continue the policies to rein in credit growth in order to prevent financial risks.



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In his keynote speech at the opening of the Communist Party of China (CPC) in Dialogue with World Political Parties High-Level Meeting on Dec.

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WASHINGTON - The U.S. House of Representatives on Thursday narrowly approved a bill to repeal Obamacare, handing Republican President Donald Trump a victory that could prove short-lived as the healthcare legislation heads into a likely tough battle in the Senate.


The vote to repeal former President Barack Obama's signature domestic achievement, which enabled 20 million more Americans to get health insurance, was Trump's biggest legislative win since he took office in January, putting him on a path to fulfilling one of his key campaign promises as well as a seven-year quest by Republican lawmakers.


It marked a reversal of fortune for the Republican president who suffered a stunning defeat in late March when House Republican leaders pulled legislation to scrap Obamacare after they and the White House could not resolve the clashing interests of Republican moderates and the party's most conservative lawmakers.


Trump has called Obamacare a "disaster" and congressional Republicans have long targeted the 2010 law Derek Stepan USA Jersey , formally known as the Affordable Care Act, calling it government overreach.


But despite holding the White House and controlling both houses of Congress, Republicans have found overturning Obamacare politically perilous, partly because of voter fears, loudly expressed at constituents' town-hall meetings David Backes USA Jersey , that many people would lose their health insurance as a result.


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