The focus of the Communist Party of China (CPC) on anti-corruption and high-quality development among its priorities can offer an example of self-governance for Latin America, said a Mexican scholar.
Enrique Dussel, director of the Center for Chinese-Mexican Studies, said that since President Xi Jinping took office, the CPC has pursued four priorities: anti-corruption, constant modernization, high-quality development, and results that reach the people.
It's a mode of self-governance that can set an example for Latin America.
"You do not have such a micro-detailed analysis and measurement and policies against corruption at such high levels as China has been doing at all levels in the last ten years," said Dussel.
He also points to the Party's self-critical approach, which he says stops it from settling into a comfort zone.
That process, he says, lets China set very long-term goals and review them along the way, something short political cycles across Latin America make hard to match.
"China is able to set long-term goals, but with a continuous process of monitoring and of changes. You don't have to wait for 30 years to say, whoops, it didn't work out. So you have annual conferences, you have five-year plans, so you have short, medium and long-run goals that can be revised and modernized," the professor said.
Professor Dussel doesn't expect Latin America to copy China's political system, but he says the invitation is clear: set long-term goals, and pull forward as a people.
China's political system operates differently than those across Latin America, so there's a bit of a learning curve involved when studying its functions. But the interest is there, and as cross-Pacific ties continue to strengthen, scholars and political analysts here say understanding and learning from it matters more than ever.
CPC's Party-building experience offers an example for Latin America: scholar
The Bank of Japan (BOJ) decided to leave its benchmark interest rate unchanged at around 1.25 percent after concluding its two-day monetary policy meeting on Friday.
The widely expected decision came after the central bank raised the key rate by 0.25 percentage points to a 31-year high of 1.25 percent at its previous policy meeting in September.
In its quarterly economic outlook report released after the meeting, the BOJ said that with the policy interest rate now higher than in the past, it is important to examine how financial conditions change under such circumstances.
The BOJ also said that Japan's underlying inflation has "generally" reached its 2 percent price stability target, nearly 14 years after the goal was set as part of efforts to end decades of deflation.
At a post-meeting press conference, BOJ Governor Kazuo Ueda said the central bank's monetary policy will increasingly focus on keeping underlying inflation firmly anchored around 2 percent, signaling that the BOJ could raise rates further to prevent price increases from overshooting the target.
The BOJ cited higher prices of crude oil, semiconductors and other items, as well as the yen's depreciation, among the factors currently pushing up prices and likely to keep doing so for some time. It said it will closely monitor the impact of the situation in the Middle East, global demand related to artificial intelligence, and foreign exchange rate movements on Japan's economic activity and prices.
In the outlook report, the BOJ raised its core consumer price inflation forecast for fiscal 2027 to 2.6 percent from 2.4 percent, while lowering its real GDP growth projection to 0.7 percent from 0.8 percent.
The BOJ first adopted its 2 percent inflation target in January 2013, initially aiming to achieve it in about two years.
In April that year, under then-Governor Haruhiko Kuroda, the central bank launched an aggressive monetary easing program, but the target remained out of reach, with the BOJ repeatedly pushing back the timeline.
Japan's recent inflation has been fueled largely by external factors such as higher energy prices, and analysts said sustained wage growth would be key to creating a virtuous cycle of rising wages and prices.
The BOJ has one more policy meeting this year, scheduled for Dec. 17-18, at which markets increasingly expect another rate hike.
Japan's central bank keeps interest rate unchanged
