Xi Declares 'complete Victory' In Beating Poverty

President Xi Jinping has declared "complete victory" in the country’s efforts to eradicate rural poverty at a ceremony in Beijing to celebrate what has been a signature initiative of his tenure.

In a speech delivered on Thursday, Xi said this "achievement" was a miracle that shall "go down in history”, adding that almost 100 million poor rural residents have been lifted out of poverty over the past eight years.

“Eliminating poverty in rural areas is a key contribution to accomplishing the goal of building a moderately prosperous society in all respects,” the president said.

He added that the country has created a "China example" of poverty reduction and made tremendous contributions to global poverty alleviation.

"The CPC's leadership and China's socialist system are the fundamental guarantees against risks, challenges and difficulties," Xi said in Beijing's Great Hall of the People, where he presented medals to key figures in the poverty fight.

Mainland state media have framed the reported accomplishment as an early birthday gift for this year's 100th anniversary of the Communist Party.

On Wednesday, the People's Daily newspaper published a two-page commentary lauding the "historic leap" to vanquish poverty under Xi.

But some global policy experts have said China sets a low bar in its definition of poverty, with sustained investment required to fund continued development in its poorest areas.

The mainland defines extreme rural poverty as per capita income of less than 4,000 yuan (US$620) each year, or about US$1.52 a day. That compares with the World Bank’s global threshold of US$1.90 a day. (Additional reporting by Reuters)