BibTex RIS Cite

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

Year 2016, Volume: 21 Issue: 2, 29 - 56, 01.07.2016

Mustafa Yağcı

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

References

  • Xi Jinping, “Welcome Aboard China’s Train of Development: President Xi ”, 22 August 2014, at http://english.cntv.cn/2014/08/22/ARTI1408701417086900.shtml (last visited 5 January 2016).
  • John Williamson, “What Washington Means by Policy Reform”, John Williamson (ed.) Latin American Adjustment: How Much has Happened?, Washington DC, Institute of International Economics, 1990, pp. 5-20.
  • Sarah Babb, “The Washington Consensus as Transnational Policy Paradigm: Its Origins, Trajectory and Likely Successor”, Review of International Political Economy Vol. 20, No. 2 (2013), pp. 268-297.
  • While this paper uses the “Beijing Consensus” as an umbrella term for recent Chinese initiatives, debates within China continue on what constitutes the consensus or whether China should promote the concept of a Beijing Consensus. For a discussion on these issues see, Matt Ferchen, “Whose China Model is It Anyway? The Contentious Search for Consensus”, Review of International Political Economy, Vol. 20, No. 2 (2013), pp. 390- 420.
  • Andreas Nölke, et al., “Domestic Structures, Foreign Economic Policies and Global Economic Order: Implications from the Rise of Large Emerging Economies”, European Journal of International Relations Vol. 21, No. 3 (2014), pp. 538-567.
  • Francis Fukuyama, “Exporting the Chinese model”, at https://www.project-syndicate. org/commentary/china-one-belt-one-road-strategy-by-francis-fukuyama-2016-01 (last visited 2 February 2016).
  • Andreas Nölke, “Second Image Revisited: The Domestic Sources of China’s Foreign Economic Policies”, International Politics, Vol. 52, No. 6 (2015), pp. 657-665.
  • Williamson, “What Washington Means by Policy Reform”, p. 7.
  • John Williamson, “The Washington Consensus as Policy Prescription for Development”, in Tim Besley and Roberto Zagha (eds.) Development Challenges in the 1990s: Leading Policymakers Speak from Experience, Washington DC, World Bank and Oxford University Press, 2005, pp. 33-53.
  • Charles Gore, “The Rise and Fall of the Washington Consensus as a Paradigm for Developing Countries”, World Development, Vol. 28, No. 5 (2000), pp. 789-804.
  • John Williamson, “Differing Interpretations of the Washington Consensus”, Distinguished Lectures Series 17, 2005.
  • Dani Rodrik, “Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank’s Economic Growth in the 1990s: Learning from a Decade of Reform”, Journal of Economic Literature, Vol. 44, No. 4 (2006), pp. 973-987; Scott Kennedy, “The Myth of the Beijing Consensus”, Journal of Contemporary China, Vol. 19, No. 65 (2010), pp. 461-477.
  • Rodrik, “Goodbye Washington Consensus”, p. 973.
  • Joseph Stiglitz, “More Instruments and Broader Goals: Moving toward the Post- Washington Consensus”, The WIDER Annual Lecture, 1998.
  • Ziya Öniş and Fikret Şenses, “Rethinking the Emerging Post‐Washington Consensus”, Development and Change, Vol. 36, No. 2 (2005), pp. 263-290.
  • Keith Cowling and Philip R. Tomlinson. “Post the ‘Washington Consensus’: Economic Governance and Industrial Strategies for the Twenty-First Century”, Cambridge Journal of Economics, Vol. 35, No. 5 (2011), pp. 831-852.
  • As articulated in the later parts of this article, Chinese economic development also involved weaknesses such as environmental problems, increasing income inequality, corruption and over-dependence on state investment. These issues make it much harder for China to shift to a new economic development trajectory and raise questions for other developing countries following China’s economic development experience.
  • China 2030-Building a Modern, Harmonious, and Creative Society. The World Bank Development Research Center of the State Council, the People’s Republic of China, 2013.
  • Joshua Cooper Ramo, The Beijing Consensus. London, Foreign Policy Centre, 2004. 20 Ibid. 21 Ibid., p. 11. 22 Ibid., p. 1330.
  • John Williamson, “Is the ‘Beijing Consensus’ Now Dominant?”, Asia Policy, Vol. 13, No. 1 (2012), pp. 1- 16.
  • Keun Lee, Mansoo Jee, and Jong-Hak Eun. “Assessing China’s Economic Catch-up at the Firm Level and Beyond: Washington Consensus, East Asian Consensus and the Beijing Model”, Industry and Innovation, Vol. 18, No. 5 (2011), p. 493.
  • Kennedy, “The Myth of the Beijing Consensus”.
  • Suisheng Zhao, “The China Model: Can it Replace the Western Model of Modernization?”, Journal of Contemporary China, Vol. 19, No. 65 (2010), pp. 419-436.
  • Barry Naughton, “China’s Distinctive System: Can it be a Model for Others?”, Journal of Contemporary China, Vol. 19, No. 65 (2010), pp. 437- 460.
  • Sebastian Heilmann, “Policy Experimentation in China’s Economic Rise”, Studies in Comparative International Development, Vol. 43, No. 1 (2008), pp. 1-26; Sebastian Heilmann, “Maximum Tinkering Under Uncertainty: Unorthodox Lessons from China”, Modern China, Vol. 35, No. 4 (2009), pp. 450-462.
  • Philip C.C. Huang, “How Has the Chinese Economy Developed So Rapidly? The Concurrence of Five Paradoxical Coincidences”, Modern China, Vol. 41, No. 3 (2015), pp. 239-277.
  • Jennifer Y.J. Hsu, “China’s Development: A New Development Paradigm?”, Third World Quarterly, Vol. 36, No. 9 (2015), pp. 1754-1769.
  • Graham Bird, Alex Mandilaras and Helen Popper, “Is There a Beijing Consensus on International Macroeconomic Policy?”, World Development, Vol. 40, No. 10 (2012), pp. 1933- 1943. 32 Ibid.
  • Shaun Breslin, “The ‘China Model’ and the Global Crisis: From Friedrich List to a Chinese Mode of Governance?”, International Affairs, Vol. 87, No. 6 (2011), pp. 1323- 1343.
  • Daqing Yao and John Whalley, “The China (Shanghai) Pilot Free Trade Zone: Background, Developments and Preliminary Assessment of Initial Impacts”, The World Economy, Vol. 39, No. 1 (2016), pp. 2-15.
  • James E. Rauch and Vitor Trindade, “Ethnic Chinese networks in International Trade”, Review of Economics and Statistics, Vol. 84, No. 1 (2002), pp. 116-130.
  • Ziya Öniş, “The Logic of the Developmental State”, Comparative Politics, Vol. 24, No. 1 (1991), pp. 109-126.
  • Dani Rodrik, One Economics, Many Recipes: Globalization, Institutions, and Economic Growth, Princeton, Princeton University Press, 2008.
  • Christopher A. McNally, “Sino-Capitalism: China’s Reemergence and the International Political Economy”, World Politics, Vol.64, No. 1 (2012), pp. 741-776.
  • Breslin, “The China Model”.
  • Öniş, “The Logic of the Developmental State”; Öniş and Şenses, “Rethinking the Emerging Post-Washington Consensus”.
  • Fergus Green and Nicholas Stern, “China’s ‘New Normal’: Better Growth, Better Climate”, Policy Paper, London: Grantham Research Institute on Climate Change, 2015.
  • “Decision of the Central Committee of the Communist Party of China on Some Major Issues Concerning Comprehensively Deepening the Reform”, 16 January 2014, at http://www.china.org.cn/china/third_plenary_session/2014-01/16/content_31212602. htm (last visited 16 September 2015). 43 Ibid.
  • Mark Beeson, “Comment: Trading places? China, the United States and the evolution of the international political economy”, Vol. 16, No. 4 (2009), pp. 729-741.
  • Ronald I. McKinnon, “China in Africa: The Washington Consensus versus the Beijing Consensus”, International Finance, Vol. 13, No. 3 (2010), pp. 495-506.
  • Joanne E. Davies, “Washington’s Growth and Opportunity Act or Beijing’s ‘Overarching Brilliance’: Will African Governments Choose Neither?”, Third World Quarterly, Vol. 32, No. 6 (2011), pp. 1147-1163.
  • Rhys Jenkins, “Latin America and China- A New Dependency?”, Third World Quarterly, Vol. 33, No. 7 (2012), p. 1347.
  • Justin Yifu Lin and Yan Wang. “China’s Contribution to Development Cooperation: Ideas, Opportunities and Finances”, Ferdi Working paper P119, 2015, p. 2. 49 Ibid., p. 13. 50 Ibid., p. 14-15.
  • Lin and Wang, “China’s Contribution to Development Cooperation”, p. 20.
  • Mark Beeson and Fujian Li, “What Consensus? Geopolitics and Policy Paradigms in China and the United States”, International Affairs, Vol. 91, No. 1 (2015), p. 106.
  • Gregory T. Chin, “China’s Bold Economic Statecraft”, Current History, Vol. 114, No. 773 (2015), p. 219.
  • Jacob Vestergaard and Robert H. Wade, “Still in the Woods: Gridlock in the IMF and the World Bank Puts Multilateralism at Risk”, Global Policy, Vol. 6, No. 1 (2015), pp. 1-12.
  • “IMF Managing Director Christine Lagarde Welcomes U.S. Congressional Approval of the 2010 Quota and Governance Reforms”, at https://www.imf.org/external/np/sec/ pr/2015/pr15573.htm (last visited 9 February 2016).
  • Ali K. Akkemik, “Rapid Economic Growth and Its Sustainability in China”, Perceptions: Journal of International Affairs, Vol. 20, No. 1 (Spring 2015), pp. 133-158.
  • “One Belt and One Road, Far-reaching Initiative”, at http://www.chinausfocus.com/ finance-economy/one-belt-and-one-road-far-reaching-initiative/ (last visited 15 February 2016).
  • “Xi in Call for Building of New ‘Maritime Silk Road’”, at http://usa.chinadaily.com. cn/china/2013-10/04/content_17008940.htm (last visited 9 September 2015); “An Asian infrastructure bank: Only connect”, at http://www.economist.com/blogs/ analects/2013/10/asian-infrastructure-bank-1 (last visited 21 February 2015).
  • “China to speed up construction of new Silk Road: Xi”, at http://news.xinhuanet.com/ english/china/2014-11/06/c_133770684.htm (last visited 14 February 2015).
  • “APEC Officials Agree to Free Trade Area of the Asia Pacific Study”, at http:// www.wsj.com/articles/apec-officials-agree-to-free-trade-area-of-the-asia-pacific- study-1415265738 (last visited 2 March 2015).
  • “News Analysis: FTAAP pathway to regional economic integration”, at http://news. xinhuanet.com/english/2015-11/20/c_134838061.htm (last visited 20 January 2016).
  • “Agreement on the New Development Bank – Fortaleza, at http://brics6.itamaraty.gov. br/media2/press-releases/219-agreement-on-the-new-development-bank-fortaleza- july-15 (last visited 6 May 2015).
  • Chin, “The BRICS‐led Development Bank”.
  • Babb, “The Washington Consensus”.
  • Robert H. Wade, “What Strategies are Viable for Developing Countries Today? The World Trade Organization and the Shrinking of ‘Development Space’ ”, Review of International Political Economy, Vol. 10, No. 4 (2003), pp. 621-644.
  • Feng Zhang, “China as a Global Force”, Asia & the Pacific Policy Studies, Vol. 3, No. 1 (2016), p. 124.
  • Ha-Joon Chang, Kicking Away the Ladder: Development Strategy in Historical Perspective, Anthem Press, 2002.
  • “Purpose, Functions and Membership”, at http://www.aiib.org/html/pagefaq/Key_ Provisions/ (last visited 27 January 2016).
  • “Asian Infrastructure Investment Bank Articles of Agreement”, at http://www.aiib.org/ uploadfile/2015/0814/20150814022158430.pdf (last visited 25 January 2016).
  • Ibid., pp. 29-30.
  • Scott Morris and Mamoru Higashikokubaru, “Doing the Math on AIIB Governance”, at http://www.cgdev.org/blog/doing-math-aiib-governance (last visited 20 September 2015).
  • “Asian Infrastructure Investment Bank Articles of Agreement”, at http://www.aiib.org/ uploadfile/2015/0814/20150814022158430.pdf, p. 17.
  • “China to Abstain from Veto Power at Asian Infrastructure Investment Bank”, at http:// atimes.com/2016/01/china-to-abstain-from-veto-power-at-asian-infrastructure- investment-bank/ (last visited 16 February 2016).
  • “China-Led AIIB Will Have Compliance Unit to Oversee Management”, at http:// www.bloomberg.com/news/articles/2016-01-17/china-led-aiib-will-have-compliance- unit-to-oversee-management (last visited 10 February 2016).
  • OECD, Project on Strategic Transport Infrastructure to 2030; Asian Development Bank, Infrastructure for a Seamless Asia.
  • “China pledges 40 bln USD for Silk Road Fund”, at http://news.xinhuanet.com/ english/china/2014-11/08/c_133774993.htm (last visited 5 March 2015).
  • “Full Text: Vision and Actions on Jointly Building Belt and Road”, at http://news. xinhuanet.com/english/china/2015-03/28/c_134105858.htm (last visited 7 October 2015). 78 Ibid. 79 Ibid.
  • “China to Establish $40 billion Silk Road Infrastructure Fund”, at http://www.reuters. com/article/2014/11/08/us-china-diplomacy-idUSKBN0IS0BQ20141108 (last visited 22 January 2015).
  • “China Eximbank had over 520 bln yuan in loans to One Belt, One Road Countries at end-2015”, at http://www.reuters.com/article/us-china-exim-loans- idUSKCN0US0RS20160114 (last visited 24 February 2016).
  • “China’s One Belt One Road Plan is a Bright Spot in a Gloomy Economic Outlook”, at http://www.afr.com/opinion/chinas-one-belt-one-road-plan-is-a-bright-spot-in-a- gloomyeconomic-outlook-20160120-gm9xrt (last visited 24 February 2016).
  • “Agreement on the New Development Bank – Fortaleza, July 15”, at http://brics6. itamaraty.gov.br/media2/press-releases/219-agreement-on-the-new-development- bank-fortaleza-july-15, (last visited 6 May 2015).
  • “BRICS score in Brazil, create new Development Bank”, at http://thebricspost.com/ brics-score-in-brazil-create-new-development-bank/#.VUQVliF_Oko (last visited 3 March 2015).
  • “About Us”, http://ndb.int/ (last visited 12 May 2016).
  • Fan He and Panpan Yang, “China’s Role in Asia’s Free Trade Agreements”, Asia & the Pacific Policy Studies, Vol. 2, No. 2 (2015), pp. 416-424.
  • Duong Tran and Adam Heal, A Free Trade Area of the Asia-Pacific: Potential Pathways to Implementation, No. 4., United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), 2014.
  • Another major free-trade agreement under negotiation in the Asia Pacific region is the Regional Comprehensive Economic Partnership (RCEP). This paper sees RCEP as an ASEAN initiative rather than Chinese initiative, that is why RCEP is not examined in this paper. For more details on RCEP, see Tran and Heal “A Free Trade Area of the Asia-Pacific”.
  • Dani Rodrik, “Premature deindustrialization”, Journal of Economic Growth, Vol. 21, No. 1 (2016), p. 2. Chin, “The BRICS‐led Development Bank”.

Year 2016, Volume: 21 Issue: 2, 29 - 56, 01.07.2016

Mustafa Yağcı

Abstract

References

  • Xi Jinping, “Welcome Aboard China’s Train of Development: President Xi ”, 22 August 2014, at http://english.cntv.cn/2014/08/22/ARTI1408701417086900.shtml (last visited 5 January 2016).
  • John Williamson, “What Washington Means by Policy Reform”, John Williamson (ed.) Latin American Adjustment: How Much has Happened?, Washington DC, Institute of International Economics, 1990, pp. 5-20.
  • Sarah Babb, “The Washington Consensus as Transnational Policy Paradigm: Its Origins, Trajectory and Likely Successor”, Review of International Political Economy Vol. 20, No. 2 (2013), pp. 268-297.
  • While this paper uses the “Beijing Consensus” as an umbrella term for recent Chinese initiatives, debates within China continue on what constitutes the consensus or whether China should promote the concept of a Beijing Consensus. For a discussion on these issues see, Matt Ferchen, “Whose China Model is It Anyway? The Contentious Search for Consensus”, Review of International Political Economy, Vol. 20, No. 2 (2013), pp. 390- 420.
  • Andreas Nölke, et al., “Domestic Structures, Foreign Economic Policies and Global Economic Order: Implications from the Rise of Large Emerging Economies”, European Journal of International Relations Vol. 21, No. 3 (2014), pp. 538-567.
  • Francis Fukuyama, “Exporting the Chinese model”, at https://www.project-syndicate. org/commentary/china-one-belt-one-road-strategy-by-francis-fukuyama-2016-01 (last visited 2 February 2016).
  • Andreas Nölke, “Second Image Revisited: The Domestic Sources of China’s Foreign Economic Policies”, International Politics, Vol. 52, No. 6 (2015), pp. 657-665.
  • Williamson, “What Washington Means by Policy Reform”, p. 7.
  • John Williamson, “The Washington Consensus as Policy Prescription for Development”, in Tim Besley and Roberto Zagha (eds.) Development Challenges in the 1990s: Leading Policymakers Speak from Experience, Washington DC, World Bank and Oxford University Press, 2005, pp. 33-53.
  • Charles Gore, “The Rise and Fall of the Washington Consensus as a Paradigm for Developing Countries”, World Development, Vol. 28, No. 5 (2000), pp. 789-804.
  • John Williamson, “Differing Interpretations of the Washington Consensus”, Distinguished Lectures Series 17, 2005.
  • Dani Rodrik, “Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank’s Economic Growth in the 1990s: Learning from a Decade of Reform”, Journal of Economic Literature, Vol. 44, No. 4 (2006), pp. 973-987; Scott Kennedy, “The Myth of the Beijing Consensus”, Journal of Contemporary China, Vol. 19, No. 65 (2010), pp. 461-477.
  • Rodrik, “Goodbye Washington Consensus”, p. 973.
  • Joseph Stiglitz, “More Instruments and Broader Goals: Moving toward the Post- Washington Consensus”, The WIDER Annual Lecture, 1998.
  • Ziya Öniş and Fikret Şenses, “Rethinking the Emerging Post‐Washington Consensus”, Development and Change, Vol. 36, No. 2 (2005), pp. 263-290.
  • Keith Cowling and Philip R. Tomlinson. “Post the ‘Washington Consensus’: Economic Governance and Industrial Strategies for the Twenty-First Century”, Cambridge Journal of Economics, Vol. 35, No. 5 (2011), pp. 831-852.
  • As articulated in the later parts of this article, Chinese economic development also involved weaknesses such as environmental problems, increasing income inequality, corruption and over-dependence on state investment. These issues make it much harder for China to shift to a new economic development trajectory and raise questions for other developing countries following China’s economic development experience.
  • China 2030-Building a Modern, Harmonious, and Creative Society. The World Bank Development Research Center of the State Council, the People’s Republic of China, 2013.
  • Joshua Cooper Ramo, The Beijing Consensus. London, Foreign Policy Centre, 2004. 20 Ibid. 21 Ibid., p. 11. 22 Ibid., p. 1330.
  • John Williamson, “Is the ‘Beijing Consensus’ Now Dominant?”, Asia Policy, Vol. 13, No. 1 (2012), pp. 1- 16.
  • Keun Lee, Mansoo Jee, and Jong-Hak Eun. “Assessing China’s Economic Catch-up at the Firm Level and Beyond: Washington Consensus, East Asian Consensus and the Beijing Model”, Industry and Innovation, Vol. 18, No. 5 (2011), p. 493.
  • Kennedy, “The Myth of the Beijing Consensus”.
  • Suisheng Zhao, “The China Model: Can it Replace the Western Model of Modernization?”, Journal of Contemporary China, Vol. 19, No. 65 (2010), pp. 419-436.
  • Barry Naughton, “China’s Distinctive System: Can it be a Model for Others?”, Journal of Contemporary China, Vol. 19, No. 65 (2010), pp. 437- 460.
  • Sebastian Heilmann, “Policy Experimentation in China’s Economic Rise”, Studies in Comparative International Development, Vol. 43, No. 1 (2008), pp. 1-26; Sebastian Heilmann, “Maximum Tinkering Under Uncertainty: Unorthodox Lessons from China”, Modern China, Vol. 35, No. 4 (2009), pp. 450-462.
  • Philip C.C. Huang, “How Has the Chinese Economy Developed So Rapidly? The Concurrence of Five Paradoxical Coincidences”, Modern China, Vol. 41, No. 3 (2015), pp. 239-277.
  • Jennifer Y.J. Hsu, “China’s Development: A New Development Paradigm?”, Third World Quarterly, Vol. 36, No. 9 (2015), pp. 1754-1769.
  • Graham Bird, Alex Mandilaras and Helen Popper, “Is There a Beijing Consensus on International Macroeconomic Policy?”, World Development, Vol. 40, No. 10 (2012), pp. 1933- 1943. 32 Ibid.
  • Shaun Breslin, “The ‘China Model’ and the Global Crisis: From Friedrich List to a Chinese Mode of Governance?”, International Affairs, Vol. 87, No. 6 (2011), pp. 1323- 1343.
  • Daqing Yao and John Whalley, “The China (Shanghai) Pilot Free Trade Zone: Background, Developments and Preliminary Assessment of Initial Impacts”, The World Economy, Vol. 39, No. 1 (2016), pp. 2-15.
  • James E. Rauch and Vitor Trindade, “Ethnic Chinese networks in International Trade”, Review of Economics and Statistics, Vol. 84, No. 1 (2002), pp. 116-130.
  • Ziya Öniş, “The Logic of the Developmental State”, Comparative Politics, Vol. 24, No. 1 (1991), pp. 109-126.
  • Dani Rodrik, One Economics, Many Recipes: Globalization, Institutions, and Economic Growth, Princeton, Princeton University Press, 2008.
  • Christopher A. McNally, “Sino-Capitalism: China’s Reemergence and the International Political Economy”, World Politics, Vol.64, No. 1 (2012), pp. 741-776.
  • Breslin, “The China Model”.
  • Öniş, “The Logic of the Developmental State”; Öniş and Şenses, “Rethinking the Emerging Post-Washington Consensus”.
  • Fergus Green and Nicholas Stern, “China’s ‘New Normal’: Better Growth, Better Climate”, Policy Paper, London: Grantham Research Institute on Climate Change, 2015.
  • “Decision of the Central Committee of the Communist Party of China on Some Major Issues Concerning Comprehensively Deepening the Reform”, 16 January 2014, at http://www.china.org.cn/china/third_plenary_session/2014-01/16/content_31212602. htm (last visited 16 September 2015). 43 Ibid.
  • Mark Beeson, “Comment: Trading places? China, the United States and the evolution of the international political economy”, Vol. 16, No. 4 (2009), pp. 729-741.
  • Ronald I. McKinnon, “China in Africa: The Washington Consensus versus the Beijing Consensus”, International Finance, Vol. 13, No. 3 (2010), pp. 495-506.
  • Joanne E. Davies, “Washington’s Growth and Opportunity Act or Beijing’s ‘Overarching Brilliance’: Will African Governments Choose Neither?”, Third World Quarterly, Vol. 32, No. 6 (2011), pp. 1147-1163.
  • Rhys Jenkins, “Latin America and China- A New Dependency?”, Third World Quarterly, Vol. 33, No. 7 (2012), p. 1347.
  • Justin Yifu Lin and Yan Wang. “China’s Contribution to Development Cooperation: Ideas, Opportunities and Finances”, Ferdi Working paper P119, 2015, p. 2. 49 Ibid., p. 13. 50 Ibid., p. 14-15.
  • Lin and Wang, “China’s Contribution to Development Cooperation”, p. 20.
  • Mark Beeson and Fujian Li, “What Consensus? Geopolitics and Policy Paradigms in China and the United States”, International Affairs, Vol. 91, No. 1 (2015), p. 106.
  • Gregory T. Chin, “China’s Bold Economic Statecraft”, Current History, Vol. 114, No. 773 (2015), p. 219.
  • Jacob Vestergaard and Robert H. Wade, “Still in the Woods: Gridlock in the IMF and the World Bank Puts Multilateralism at Risk”, Global Policy, Vol. 6, No. 1 (2015), pp. 1-12.
  • “IMF Managing Director Christine Lagarde Welcomes U.S. Congressional Approval of the 2010 Quota and Governance Reforms”, at https://www.imf.org/external/np/sec/ pr/2015/pr15573.htm (last visited 9 February 2016).
  • Ali K. Akkemik, “Rapid Economic Growth and Its Sustainability in China”, Perceptions: Journal of International Affairs, Vol. 20, No. 1 (Spring 2015), pp. 133-158.
  • “One Belt and One Road, Far-reaching Initiative”, at http://www.chinausfocus.com/ finance-economy/one-belt-and-one-road-far-reaching-initiative/ (last visited 15 February 2016).
  • “Xi in Call for Building of New ‘Maritime Silk Road’”, at http://usa.chinadaily.com. cn/china/2013-10/04/content_17008940.htm (last visited 9 September 2015); “An Asian infrastructure bank: Only connect”, at http://www.economist.com/blogs/ analects/2013/10/asian-infrastructure-bank-1 (last visited 21 February 2015).
  • “China to speed up construction of new Silk Road: Xi”, at http://news.xinhuanet.com/ english/china/2014-11/06/c_133770684.htm (last visited 14 February 2015).
  • “APEC Officials Agree to Free Trade Area of the Asia Pacific Study”, at http:// www.wsj.com/articles/apec-officials-agree-to-free-trade-area-of-the-asia-pacific- study-1415265738 (last visited 2 March 2015).
  • “News Analysis: FTAAP pathway to regional economic integration”, at http://news. xinhuanet.com/english/2015-11/20/c_134838061.htm (last visited 20 January 2016).
  • “Agreement on the New Development Bank – Fortaleza, at http://brics6.itamaraty.gov. br/media2/press-releases/219-agreement-on-the-new-development-bank-fortaleza- july-15 (last visited 6 May 2015).
  • Chin, “The BRICS‐led Development Bank”.
  • Babb, “The Washington Consensus”.
  • Robert H. Wade, “What Strategies are Viable for Developing Countries Today? The World Trade Organization and the Shrinking of ‘Development Space’ ”, Review of International Political Economy, Vol. 10, No. 4 (2003), pp. 621-644.
  • Feng Zhang, “China as a Global Force”, Asia & the Pacific Policy Studies, Vol. 3, No. 1 (2016), p. 124.
  • Ha-Joon Chang, Kicking Away the Ladder: Development Strategy in Historical Perspective, Anthem Press, 2002.
  • “Purpose, Functions and Membership”, at http://www.aiib.org/html/pagefaq/Key_ Provisions/ (last visited 27 January 2016).
  • “Asian Infrastructure Investment Bank Articles of Agreement”, at http://www.aiib.org/ uploadfile/2015/0814/20150814022158430.pdf (last visited 25 January 2016).
  • Ibid., pp. 29-30.
  • Scott Morris and Mamoru Higashikokubaru, “Doing the Math on AIIB Governance”, at http://www.cgdev.org/blog/doing-math-aiib-governance (last visited 20 September 2015).
  • “Asian Infrastructure Investment Bank Articles of Agreement”, at http://www.aiib.org/ uploadfile/2015/0814/20150814022158430.pdf, p. 17.
  • “China to Abstain from Veto Power at Asian Infrastructure Investment Bank”, at http:// atimes.com/2016/01/china-to-abstain-from-veto-power-at-asian-infrastructure- investment-bank/ (last visited 16 February 2016).
  • “China-Led AIIB Will Have Compliance Unit to Oversee Management”, at http:// www.bloomberg.com/news/articles/2016-01-17/china-led-aiib-will-have-compliance- unit-to-oversee-management (last visited 10 February 2016).
  • OECD, Project on Strategic Transport Infrastructure to 2030; Asian Development Bank, Infrastructure for a Seamless Asia.
  • “China pledges 40 bln USD for Silk Road Fund”, at http://news.xinhuanet.com/ english/china/2014-11/08/c_133774993.htm (last visited 5 March 2015).
  • “Full Text: Vision and Actions on Jointly Building Belt and Road”, at http://news. xinhuanet.com/english/china/2015-03/28/c_134105858.htm (last visited 7 October 2015). 78 Ibid. 79 Ibid.
  • “China to Establish $40 billion Silk Road Infrastructure Fund”, at http://www.reuters. com/article/2014/11/08/us-china-diplomacy-idUSKBN0IS0BQ20141108 (last visited 22 January 2015).
  • “China Eximbank had over 520 bln yuan in loans to One Belt, One Road Countries at end-2015”, at http://www.reuters.com/article/us-china-exim-loans- idUSKCN0US0RS20160114 (last visited 24 February 2016).
  • “China’s One Belt One Road Plan is a Bright Spot in a Gloomy Economic Outlook”, at http://www.afr.com/opinion/chinas-one-belt-one-road-plan-is-a-bright-spot-in-a- gloomyeconomic-outlook-20160120-gm9xrt (last visited 24 February 2016).
  • “Agreement on the New Development Bank – Fortaleza, July 15”, at http://brics6. itamaraty.gov.br/media2/press-releases/219-agreement-on-the-new-development- bank-fortaleza-july-15, (last visited 6 May 2015).
  • “BRICS score in Brazil, create new Development Bank”, at http://thebricspost.com/ brics-score-in-brazil-create-new-development-bank/#.VUQVliF_Oko (last visited 3 March 2015).
  • “About Us”, http://ndb.int/ (last visited 12 May 2016).
  • Fan He and Panpan Yang, “China’s Role in Asia’s Free Trade Agreements”, Asia & the Pacific Policy Studies, Vol. 2, No. 2 (2015), pp. 416-424.
  • Duong Tran and Adam Heal, A Free Trade Area of the Asia-Pacific: Potential Pathways to Implementation, No. 4., United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), 2014.
  • Another major free-trade agreement under negotiation in the Asia Pacific region is the Regional Comprehensive Economic Partnership (RCEP). This paper sees RCEP as an ASEAN initiative rather than Chinese initiative, that is why RCEP is not examined in this paper. For more details on RCEP, see Tran and Heal “A Free Trade Area of the Asia-Pacific”.
  • Dani Rodrik, “Premature deindustrialization”, Journal of Economic Growth, Vol. 21, No. 1 (2016), p. 2. Chin, “The BRICS‐led Development Bank”.
There are 80 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Mustafa Yağcı This is me

Publication Date July 1, 2016
Published in Issue Year 2016 Volume: 21 Issue: 2

Cite

APA Yağcı, M. (2016). A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries. PERCEPTIONS: Journal of International Affairs, 21(2), 29-56.
AMA Yağcı M. A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries. PERCEPTIONS. July 2016;21(2):29-56.
Chicago Yağcı, Mustafa. “A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries”. PERCEPTIONS: Journal of International Affairs 21, no. 2 (July 2016): 29-56.
EndNote Yağcı M (July 1, 2016) A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries. PERCEPTIONS: Journal of International Affairs 21 2 29–56.
IEEE M. Yağcı, “A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries”, PERCEPTIONS, vol. 21, no. 2, pp. 29–56, 2016.
ISNAD Yağcı, Mustafa. “A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries”. PERCEPTIONS: Journal of International Affairs 21/2 (July 2016), 29-56.
JAMA Yağcı M. A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries. PERCEPTIONS. 2016;21:29–56.
MLA Yağcı, Mustafa. “A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries”. PERCEPTIONS: Journal of International Affairs, vol. 21, no. 2, 2016, pp. 29-56.
Vancouver Yağcı M. A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries. PERCEPTIONS. 2016;21(2):29-56.