The country's economic and political achievements since the late 1970s owe to a unique socialism-featured development model, a government think tank said in a report Tuesday.
The Chinese Academy of Social Sciences' annual Yellow Paper of World Socialism says China's development path lies in implementing necessary structural reforms and in learning from others' success, while, at the same time, refusing any form of foreign intervention.
"China's success in the past 60 years, especially after the opening-up, has surpassed the achievements of Britain during the Industrial Revolution and the US' progress in the 19th century," the report said, adding that Beijing will not force others to accept the Chinese model.
It said the current global financial depression, ignited by a US credit crisis in 2008, provides opportunities for the development of socialism around the world.
"As long as we stick to the path of socialism with Chinese characteristics, we can avoid catastrophic financial crises and economic downturns and help the world economy as a whole," the report added.
It quoted several foreign experts to support its theory that Western democracy is not ideal for every country. One of them being Joseph Eugene Stiglitz, a Nobel Prize–winning economist and a professor at Columbia University.【1】 【2】 【3】 【4】