It's a "reduction", but not a remarkable one by any measure. Still around two-thirds of the planet live in extreme poverty per the $7.40 a day standard. What we can notice though, is that a state like China which actually uses public policy to help lift its people out of poverty (through measures like building and renovating housing through state funds, for example) produces the greatest results, whereas capitalist dumpster fires continue to cripple their own people in the name of resisting socialism.