Expert praises China's inclusive approach to tackling inequality, reshaping global development

China’s modernization model, hailed for its inclusive approach to tackling inequality and reshaping global development, is rooted in ancient wisdom and prioritizes people-centered growth, said Koh King Kee, president of Malaysia's Centre for New Inclusive Asia, a non-governmental think tank.

Speaking at CGTN's "Power of Ideas" event, Koh King Kee highlighted that Chinese modernization transcends GDP metrics, focusing on people, fairness, sustainability, and cultural heritage.

"Chinese-style modernization is about lifting the wellbeing of the entire population. Central to this vision is the goal of common prosperity, with rural revitalization serving as a key strategy. Without addressing urban-rural inequality, common prosperity remains a distant dream. In this context, China's remarkable achievement of lifting 800 million people out of extreme poverty over the past four decades speaks volumes about its commitment. China's success in poverty reduction was in no small way attributed to the whole-of-nation approach and targeted poverty alleviation strategy," said Koh.

On March 29, Koh attended the 2025 International Forum on Poverty Governance and Global Development in the Lisu Autonomous Prefecture of Nujiang, Yunnan Province, where he witnessed the tangible impacts of these policies in one of China's most underprivileged areas.

"Recently I had the opportunity to attend the Nujiang International Forum on Poverty Governance and Global Development and witness first hand the transformative impact of this policy in one of China's most disadvantaged counties. These stories are living proof that the people as the foundation of the state is not just a slogan, but a living philosophy embodied in policy and practices. Today, these traditional values are reinterpreted through the lens of Chinese-style modernization. This modern vision not only prioritizes economic development, but also underscores social equity, ensuring that the benefits of the progress are shared by all," he said.

Koh highlighted the global importance of China's development philosophy, which is deeply influenced by ancient wisdom.

"The idea of harmony among all nations -- 'Xie He Wan Bang', which originated from the ancient classic 'Shangshu,' advocates that nation should coexist in harmony, embrace diversity and develop together. The China concept of a community with a shared future for mankind is a modern expression of this ancient wisdom. It calls for mutual respect, mutual learning and peaceful coexistence among countries, regardless of their size, proximity or power, and jointly building a community with lasting peace, universal security and common prosperity. The vision not only promotes global cooperation, but also offers a Chinese solution for building a fair and more just and more balanced international order," he said.

Expert praises China's inclusive approach to tackling inequality, reshaping global development

Indonesia issued offshore bonds denominated in Chinese yuan, or dim sum bonds, totaling 9.25 billion yuan (about 1.34 billion U.S. dollars) in February, marking its second issuance of the yuan-denominated bonds.

The country issued the RMB bonds for the first time last October, with a total value of 6 billion yuan (about 870 million U.S. dollars).

The bonds were issued with maturities of three, five and 10 years.

Analysts point out that the competitive yield of RMB bonds will help Indonesia further optimize its financing structure and reduce capital costs against the backdrop of high global interest rates and rising financing costs in U.S. dollars.

"At the current situation, the global economies start to change and the financial sector is already evolving, also, and the RMB now is in the internationalization phase. So we see this is an opportunity for the Indonesian government to diversify and further lower the cost of funding," said Fakhrul Fulvian, chief economist and head of fixed income research with Trimegah Sekuritas, a company engaged in the brokerage and underwriting of securities.

"That demonstrates the depth, liquidity and attractiveness of Hong Kong's dim sum bond market, even for tenure as long as 10 years," said Handojo Wibawanto Soetikno, marketing director of Jakarta Branch of the Bank of China.

Dim sum bonds are RMB-denominated bonds issued outside the Chinese mainland, mainly in Hong Kong.

Indonesia issues RMB-denominated bonds of 9.25 billion yuan