Microsoft co-founder Bill Gates, the world’s   fifth-richest man , thinks that Communist China should be praised for the way it has handle…

Microsoft co-founder Bill Gates, the world’s fifth-richest man, thinks that Communist China should be praised for the way it has handled poverty.

New York Times Magazine columnist David Wallace-Wells, the author of “The Uninhabitable Earth,” opined that progress on poverty around the globe “has been really remarkable.” Asserting that said progress reflected “progress in China,” he asked Gates if the trend toward eradicating poverty would continue since China has “sort of finished eradicating real poverty.”

“If you’re allowed to say the truth about things in China, they’ve done a very good job,” Gates responded. “They’re now a middle-income country, in fact, one of the wealthier middle-income countries.”

In 2018, an article written by a professor of economics at Peking University, Beijing and a then PhD scholar at Peking University surmised that China had initially used a repressive financial policy in order to stimulate the economy.

The article stated that the People’s Bank of China (PBoC) was still guiding commercial banks’ settings of deposit and lending rates, adding that “repressive financial policies have not stopped China from achieving rapid economic growth,” but that “economic growth has decelerated and systemic financial risks have escalated sharply.”

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