At the end of  Shanghai Conference on Poverty Reduction, World Bank President James D. Wolfensohn said it is clear that the global community has the knowledge and resources to meet the Millennium Development Goals on poverty reduction and improve life for the world’s poor and he insisted the time for action has arrived. He said it is imperative that rich and poor countries redouble efforts to fund the fight against poverty and stimulate economic growth to ensure peace and stability in the world.   

Invoking the 'Spirit of Shanghai' -- a renewed commitment to the global fight on poverty -- Wolfensohn sounded optimistic saying the lessons learned from the extensive research and exchange of knowledge surrounding the two-day conference shows it is possible to achieve major reductions in poverty. 

"This process tells us that scaling-up is possible when countries have the right ideas, support to implement them, and an environment conducive to long-term management and implementation, they get results," Wolfensohn said.

Wolfensohn said while there is no single blueprint or one-size fits all solution to reducing poverty the conference has revealed that large-scale poverty reduction depends on several key factors, including:

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-- Sustained political commitment and visionary leadership, with continuity over time;

-- Transparency and accountability to cut corruption;

-- Continuous exchange of knowledge and practical ideas on how to achieve large scale results;

-- Consistent management, innovation, learning, flexibility to adapt to changes; and

-- Partnership between all stakeholders.

Wolfensohn also pointed to China’s success in scaling up the fight against poverty and its commitment to sharing the lessons it has learned -- in two decades China has lifted more than 300 million people out of poverty. 

China’s Vice Premier Hui Liangyu announced US$20 million for a special Fund for Poverty Reduction and Regional Cooperation to fight poverty in the Asian-Pacific Region. China is also forming a partnership with the United Nations Development Program to establish an International Center for Poverty Reduction. 

Vice Premier Hui called on developed countries " to increase their assistance to their developing counterparts, expand trade ties, mutual investments and actively pursue new types of North-South cooperation. China will exert its utmost efforts in gradually increasing its development assistance for the poor countries."

Wolfensohn said while the way forward is clear it will not be easy: "Achieving the Millennium Development Goals will depend not only on increasing resources but also on a renewed commitment to adapt and accelerate implementation of successful approaches across and within countries."

More than 1,000 people, mostly from developing countries, including heads of state, representatives from the private sector and civil society, participated in the event. They analyzed more than 100 case studies, sharing knowledge and practical experiences that shed more light into what works, what does not, and why in large scale poverty reduction.

Wolfensohn said the spirit generated at the Shanghai conference, which adopted a strategic agenda, should inspire rich countries to intensify assistance to those countries that have not benefited from the recent global wave of progress in economic and social development.

"The learning process that has surrounded this conference is not an end but the beginning of a new way of understanding development through the continuous sharing of knowledge, ideas, and experiences among all developing countries," said Wolfensohn.

(China.org.cn May 27, 2004)