Two decades ago, Joshua Cooper Ramo introduced the concept of the “Beijing consensus” as an alternative to the Washington consensus. The Beijing consensus emphasized principles of equality, innovation, sovereignty, and national security in China’s development approach. This model was particularly appealing to developing countries seeking a different path to growth.
China’s leaders initially denied any intentions of exporting their state-led development model. However, there have been moments of boldness, such as President Xi Jinping’s speech last year to Communist Party officials stating that China’s economic model challenges the notion that modernization must equal Westernization. Xi argued that China’s growth offers more options for developing countries. Imran Khan of Pakistan, Mahathir Mohamad of Malaysia, Luiz Inácio Lula da Silva of Brazil, and Cyril Ramaphosa of South Africa have all expressed admiration for certain aspects of the Chinese model.
Since its inception, China’s economy has quadrupled in size in real dollar terms, enhancing the country’s global influence in diplomatic and military spheres. This growth has further elevated discussions around the effectiveness and appeal of China’s development approach on the world stage.
In conclusion, while some may argue that China is simply continuing its long-standing tradition of centralized planning and state control over resources, others see it as a revolutionary force that is challenging traditional models of development. Regardless of one’s perspective on this issue, it is clear that China has emerged as a major player on the global stage with its unique approach to development.
