China, ASEAN look to innovation to finance poverty reduction

Innovative policy approaches hold the answer in unlocking the access to financial services necessary to help Asia's underprivileged tap opportunities, insure themselves against risks and successfully escape poverty.

This was among the messages shared among some 150 participants on the first day of the 9th ASEAN-China Forum on Social Development and Poverty Reduction held in the Lao capital Tuesday.

Government officials, scholars, delegates from international organizations, civil society organizations, enterprises and the media were engaged in discussions on the theme Financial Innovations for Poverty Reduction.

Hong Tianyun, deputy director of the State Council Leading Group Office of Poverty Alleviation and Development of China (LGOP) , participated in the event.

He said while China was still a developing country, it had lessons and experience in poverty reduction to share with the emerging economies.

"Thanks to our efforts, we have reduced our population in poverty by about 600 million, and China is the first country to cut its poverty stricken population by half."

The forum was co-hosted by the LGOP and Laos' National Committee for Rural Development and Poverty Eradication (NRDPE).