The People’s Republic of China (PRC) has a long and successful record of poverty reduction and alleviation, the result of sustained rapid economic growth and a strong commitment to anti- poverty policies. When reforms began in the late 1970s, more than 80% of the population lived in absolute poverty. Balancing economic growth with social and macroeconomic stability was critical to the PRC’s success. Yet, there remains a need for a post-2020 anti-poverty strategy—one that targets reducing “vulnerability” to poverty. This report looks closely at vulnerability.