A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries

Abstract

The “Beijing Consensus” BC as a concept has been utilised to distinguish China’s economic development experience from the “Washington Consensus” WC , the policy toolkit offered to developing countries by Washington-based international organisations. This paper posits that recent Chinese initiatives in the international political economy constitute the building blocks of an emerging BC with potential to significantly influence developing countries’ economic development trajectories. In order to have a better understanding of the emerging BC and its relation with China’s economic development experience, the main elements of the Chinese economic development experience are compared to the WC and PostWC PWC , and an early critical analysis of the BC is provided. This analysis illustrates that China does not try to export its economic development model to other countries; the BC has similar and distinguishing features compared to the WC and PWC; and while

Keywords

• Beijing Consensus, Washington Consensus, China, International Political Economy, Global Development

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