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BEIJING， Sept. 2 (Xinhua) -- The Chinese economy， an engine of the global economy with a relatively high growth rate， can provide experience for developing regions and countries， including Latin America.
On the eve of the Hangzhou G20 summit aimed at seeking a solution for the sluggish world economy， experts say that China's experience -- choosing a suitable development path， establishing special economic zones and investing in infrastructure and human capital -- can help some Latin American countries emerge from a difficult situation.
CHOOSING A SUITABLE DEVELOPMENT PATH
""It is the people of a country that are in the best position to judge the path of development they have chosen for themselves，"" Chinese President Xi Jinping told an audience at the Moscow State Institute of International Relations during a visit to Russia in March 2013.
China's development experience of more than three decades has shown that a country should not simply copy the prescriptions of Western countries; a one-size-fits-all approach isn't the answer.
In the 1980s， Latin American countries that fell deeply into a debt crisis accepted the prescriptions offered by the International Monetary Fund (IMF) and the World Bank， namely the Washington Consensus， which they hoped would end a bout of stagflation through neoliberal reforms highlighting privatization， liberalization and marketization.
The neoliberal policies were effective in the short term， with inflation being contained and a number of economies showing signs of recovery.
However， Western financial liberalization brought trouble. Extremely high systematic risks caused financial crises in Latin America， resulting in a ""lost decade.""
Furthermore， the risky privatization reform exacerbated the rich-poor divide with colossal social wealth occupied by very few people and gravely undermined social stability.
On whether neoliberalism is ""oversold，"" three IMF economists -- Jonathan D. Ostry， Prakash Loungani and Davide Furceri -- reflected on the issue in an article published in June on the bloc's website.
""The link between financial openness and economic growth is complex，"" the article said. ""Growth and risk-sharing benefits of capital flows depend on which type of flow is being considered; it m. wholesale air max free shipping cheap jordans youth Cheap Nike Shoes China Cheap Jordan 1 cheap nike tn shoes wholesale Cheap Air Max Wholesale Cheap Nike Shoes Online Cheap Air Max Womens Cheap Air Max 90 Online Cheap Nike Air Max 90 Essential
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