China’s rural success praised

LAHORE: The Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) on Wednesday praised China's achievements in reducing rural poverty and said Pakistan could learn from its experience.

During a think tank session at the PCJCCI secretariat, president Moazzam Ghurki said China had set a precedent for the rest of the world by lifting millions of people out of poverty through various initiatives.

"China is very advanced and it's reaching the next phase of digitalization whereas in Pakistan we are still struggling to help people open their basic accounts," he said. Ghurki said Pakistan was making progress in financial inclusion and digital payments, citing the launch of a new program named "Raast" that aims to transform the country's payment system.

Senior Vice President Fang Yulong said financial literacy was crucial for poverty reduction and suggested that Pakistan should arrange visits for its younger generation to rural areas in China, where they could receive training on financial products and services.

"Finance is basically the blood that runs in the economy, if someone needs to open a small-scale business, they need finances; if someone wants to have education to improve, to ensure the upward mobility and the social status, they need finances to support their education," he said.