The "Fortune" Global Forum is held in China for the third time. What attracts "Fortune" to come time and again is China's economic charm. Wealthy merchants and business giants from across the world have precisely noticed the tremendous potential for China's economy to continuously create wealth. However, what China creates is not merely wealth, but rather, it is a path for a developing country to work hard for its own prosperity, a path for which China has been engaged in constant exploration to make it suit its own condition instead of mechanically following the beaten track which developed Western countries took several hundred years ago.

Since the mid-20th century, a large number of developing countries that had shaken off colonial rule painstakingly explored a way to modernization. The way taken by developed Western countries in the development of their modernization drive is not of much significance of reference to developing countries today. Their early-years development was accompanied not only by enormous social upheavals, but also by immense damage to energy resources and the natural environment. For example, the rise of the United States in the beginning of last century unavoidably experienced the vibration of economic recession and fits of social pains of massive unemployment.

Today, the United States that makes up 2 percent of the world population consumes 20 percent of the world's energy sources. The developing countries cannot and should not duplicate these today.

China's development in the past 26 years is a successful example. There has never been a country so populous and backward in world history that can achieve sustained, rapid and steady development as can China, China's development has thus provided valuable experiences for other developing countries.

On the question of systemic innovation, China has made many unique creations by giving consideration to the relations of stability, development and reform. For instance, the land contract system instituted in rural areas has stimulated economic vigor, stabilized the rural society and left behind room for further structural reform. On the basis of persisting in the all-round opening to the outside world, China pursues an independent economic policy.

For example, during the Asian financial disturbances erupted a few years ago, China insisted on keeping the RMB from being devalued; now, on the question of exchange rate, China neither yields to the pressure exerted by certain Western interest groups, nor blindly follows the existing dogmas of modern economics, instead, in light of China's actual condition and the current special condition of the world economy, the country engages in in-depth thinking, and is exploring a unique exchange rate system suited to China's reality.

China's development not only can directly propel and promote the economic development of various countries around the world, make the world's economic layout more rational and further improve humans' welfare worldwide on the basis of deepening division of labor.

Experiences of the past 26 years and the sustained and rapid economic development indicate that China has taken an important step forward on the road of its economic development. What China creates is not merely wealth, what's more important is the practical road for a large economically backward and populous country to realize modernization.

By People's Daily Online