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China's development brings experience to the world

(People's Daily Online)    11:11, January 16, 2015

Since reform and opening up, China has achieved successes which have answered every challenge to its development. Many countries have learned from China how to successfully break the development barrier and avoid the middle-income trap.

Latin America and China share many similarities in their history of development, and China's successful experience has provided new development ideas for Latin America.

It is crucial to have a strong central government with genuine macro-control policies and capabilities. Strong political leadership of the ruling party in the reform process will lead and maintain long-term national development.

Steadily promote political and economic reform. There will always be risks in the course of reform, which can be mitigated by slowing down the pace, as with Deng Xiaoping's "crossing the river by feeling for the stones". This principle of graduality has helped China come through at least three crises: high inflation in 1988, the 1997 Asian financial crisis, and the 2008 global financial crisis.

Place emphasis on the government's control of the country's financial system, develop initiatives related to capital and foreign exchange flows, and minimize financial risk. Moderately tight financial policies will help maintain macroeconomic stability.

Focus on quality of life and standardss of living. Ensure that everyone shares the fruits of economic development. To measure the success of reform, a country must find the "common denominator" in all segments of the population and form a joint force.

Implement education policies to encourage talent in science and technology, research and development, and management. China has a wealth of experience in improving literacy and promoting compulsory education. A country's development depends on tens of thousands of highly-educated people including scientists and engineers.

Place emphasis on the establishment of a national science and technology innovation system involving companies, universities and research institutions, and enhance the country's technological competitiveness. For a huge economy like China, research and development capabilities are very important.

China's development experience drawn from practice is of universal significance. There are lessons to be learned for every developing country. The first ministerial meeting of the Forum of China and the Community of Latin American and Caribbean States (CELAC) held last week was of benefit to both sides. It has provided a platform for deeper communication and experience sharing.

This article was edited and translated from 中国发展给世界的启示, source: People's Daily, author: Luis Antonio Paulino, Consultant for the World Bank, Professor at Sao Paulo State University in Brazil. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Du Mingming,Zhang Qian)

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