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China Model

As an economic terms, it is closely related to the Beijing Consensus. It is an alternative to the Washington consensus (WC) because the state dominates the economy through state banks, state assets, state ownership, state manipulated prices, state cadres, and unpredictable state intervention in various economic sectors. The China model flexibly adapts elements imported from abroad and grafts them on to domestic roots in all fields. The China Model uses state-driven investment, management of competition, and acknowledges the need for sensitivity to local conditions and institutions; it stresses productivity through innovation, growth without increasing pollution or social stratification, and asymmetrical development with respect to the U.S. to achieve a global balance. However, China's economic success has owed much to the introduction of free market mechanisms into the rural agricultural sector (with some state subsidies and price supports). China also advocates financial assistance and foreign aid to developing regions like Africa and Latin American, strategies that have been dubbed 'South–South' policies.

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