Chile has demonstrated its unique path of development over the past two decades whereat market economy and democratic politics were persistently sought by successive leftist civilian governments. Its experience of steady economic growth is enlightening for the developing countries，particularly many in the LAC regions facing the longstanding challenge of running out of the Middle Income Trap. Ever since the military returned government to the elective in 1992，Chile has witnessed an orderly socio-economic transition. It succeeded in strengthening financial regimes，empowering the central bank，retaining flexible exchange rates，advancing structural reforms of public spending sectors，including health care and pension systems. All such efforts did help the nation to have achieved the ‘transitional justice’ and broad reconciliation in light of the officially advocated ‘forgive and forget’ principle.

Based on the above observations，the keynote report authors find—1） even under an authoritarian rule，a nation is still possible to embark on reformist tracks. In other words，a centralized power may not necessarily contradict with a liberalist socio-economic state-building，particularly in a developing nation like Chile；2） Chile’s political transition to democracy proves that a coalition government helps stabilize the transition process and avoid the ‘pendulum effects’ ；3） although inaugurated by the militaries，the free-market system triggered reformist expectations and provided institutional preparations for the follow-up transition；last but not the least，a good control of reform pace is also a key prerequisite for an ultimate realization of political democracy. Therefore，despite choosing the right path of development in accordance with specific national circumstances，to determine the right priorities of reform agenda is essential to developing countries.