China will "give a great lesson to the world" because its economic model is diversified and its financial system is linked to the real economy, an official with the Economic Commission for Latin America and the Caribbean (ECLA) said Friday.
"Many countries in the region more and more want to have ties with China," Alicia Barcena, executive secretary of the ECLA, told Xinhua in an interview.
"China's model is interesting because it is diversified, because it includes many sectors and is interesting to explore," Barcena said, adding that China's financial system "is totally linked to the real economy," so it does not have the basis for systemic crisis.
"China is seen as a country that knows how to manage its development with a long-term strategy that has satisfied everybody. It has a clear control of its financial resources and knows how to save," Barcena said.
China is now the 48th partner of the Inter-American Development Bank (IDB), and Latin America "expects much from China," she said.
Barcena pointed out that Latin America "has a lot to learn from China, for example, how to keep territorial integrity, how to keep a development policy, and the transmission mechanisms between the central government and the provinces."
Latin America also has to learn "how China controls the economic process ... and how it saves and creates reserves in periods of crisis," Barcena added.
Barcena commended China's generosity to and respect for the region along with its participation in IDB.
She said China's fiscal stimulus plan provided opportunities for Latin American products, mainly those from South America, and could boost the sectors related to copper, food, soya goods and services.
About the Chinese central bank's proposal of creating a supranational reserve currency, Barcena said that "it is very positive" and must be analyzed.
Barcena said China and Brazil's commercial exchange in local currencies is a good example.
"I think it is a path we must walk and perhaps it will be the first step to reach agreement...and then to acquire the capacity to create a new international currency," Barcena said.
Source:Xinhua
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