Beijing consensus charms, challenges global economies

by / ⠀News / June 10, 2024
Consensus Charms

The ‘Beijing consensus,’ China’s distinguished market economy policy, has caught global attention despite confronting challenges such as corruption, social inequality, and environmental issues. The approach proposed by consultant Joshua Cooper Ramo about two decades ago represents pragmatic state interference in the economy. Its resilience continues to charm nations, particularly those favoring solid governmental control.

Distinct from the ‘Washington consensus,’ the Beijing consensus illustrates principles such as equality, autonomy, strict national defense, and innovation. China’s method has become increasingly favorable, challenging the once-dominant Western philosophy. The shift is primarily due to the perceived accomplishments of China’s economic and political model, which is seen as a practical alternative to Western liberal democracy.

Critics, however, argue against the Beijing consensus. They cite the lack of transparency, potential for corruption, and threat to fundamental human rights among its shortcomings.

Beijing consensus: charisma and challenges in global economies

Despite recognizing these flaws, leaders from developing nations like Pakistan, Malaysia, Brazil, and South Africa laud aspects of the Chinese model, focusing on its poverty eradication and economic development capacity.

China’s economic model suggests that modernization and Westernization are not synonymous. This perspective argues that nations can advance economically without embracing Western ideologies or financial systems. China leverages this perspective by pushing the limits of global norms and realigning international relations dynamics. They extend their efforts to advancements in digital dominance, military modernization, and global footprint enhancement, signaling a significant shift in global power.

The Beijing consensus has massively expanded China’s economy and influenced it both diplomatically and militarily. Their rapid economic growth has uplifted millions from poverty, modernizing the country unabatedly. China stands as a global powerhouse, influencing both regional and international politics. However, the sustainability of this rapid expansion is under scrutiny, causing unease among Chinese officials and uncertainty over the future appeal of China’s economic route.

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