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By Hou Yongzhi, DRC

2017-03-03

The basic characteristics of China's development model can be summed up in five aspects. 1. The development concept with Chinese characteristics serves as the theoretical basis of economic management and social governance. 2. China attaches great importance to the role of public power, including the mobilization and allocation of public power and development resources. 3. The development of public and non-public economy or the industrial organization and micro-foundation in modernization-led mode ensures the direction of modernization. 4. The principle of common participation and fair sharing ensures the participation of social forces and common benefit sharing in the process of modernization. 5. While enhancing the capacity for self-reliance and self-improvement through opening up, China has made efforts to increase exchanges with other economies.

The proposals for the development of low- and middle-income countries are as follows. 1. They need to promote the modernization process based on their own national conditions. 2. They need to refer to the developed countries’ experience in light of their past development achievements, and explore the road of modernization independently. 3. They need to promote the coordinated development of state-owned enterprises and private enterprises. 4. They need to improve the government's ability and break the shackles imposed by interests groups, in order to better manage social affairs and deal with crisis. 5. They need to establish a system to achieve an integrated, efficient, fair and dynamic development. 6. They need to take an independent and opening-up development mode and establish a new global governance system together with other countries.

Based on meticulous planning and more typical cases, they need to make accurate, clear and broad outlines and options for their development through detailed discussions. Each country needs to go their own way of development in light of their own national conditions.