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To: RealMuLan who wrote (55788)	11/9/2004 12:44:48 PM
From: RealMuLan	Respond to of 74559

China Leads Economic Boom in East Asian Led by China’s strong performance, growth in the East Asia-Pacific region will top 7% this year – more than three points higher than in 2001 – with fewer people than ever living in extreme poverty, the World Bank said today. The remarkable growth has brought the number of people living on 2 dollars or less a day down to 636 million, or about a third of the population – as compared with nearly 890 million five years ago, the World Bank said in its biannual economic outlook for the region. Growth in East Asia, excluding Japan, is projected at 7.1%. For developing countries of the region it will be 7.9%, the report said. At the same time, the region’s population has jumped by about 4%, to around 1.85 billion. With an average growth of 6% a year since 1999, ”there could hardly be more striking evidence as to the power of sustained economic growth to reduce poverty,” the bank said. “Even excluding China, the absolute number of poor would be at their lowest level ever, finally overcoming the higher poverty created by the 1997 crisis,” said Jemal-ud-din Kassum, regional vice president for East Asia and Pacific. He noted that the expansion was taking place “during a time of major political advances with a sweep of legislative and presidential elections, including Indonesia’s first-ever direct election of a president, capping what looks like being a remarkable year for the region.” Efforts by China, which has two thirds of Asia’s poor, to reduce poverty dominated the regional picture, the bank said. Poverty in China is estimated to have fallen to about 32% in 2004 from 34% in 2003 and 70% in 1990, driven by significant gains in rural income – mainly due to increased agricultural output, higher grain prices, introduction of direct subsidies to farmers and reduction in agricultural taxes. news.scotsman.com