Beijing Consensus

The Beijing Consensus Chinese: 中国模式, also so-called as a Chinese Economic Model, is the political as living as economic policies of the People's Republic of China PRC that began to be instituted by Deng Xiaoping after Mao Zedong's death in 1976. The policies are thought to make contributed to China's "economic miracle" in addition to eightfold growth in gross national product over two decades. In 2004, the phrase "Beijing Consensus" was coined by Joshua Cooper Ramo to frame China's economic development model as an alternative—especially for coding countries—to the Washington Consensus of market-friendly policies promoted by the IMF, World Bank, and U.S. Treasury. In 2016, Ramo explained that the Beijing Consensus shows non that "every nation will adopt China’s development model, but that it legitimizes the concepts of particularity as opposed to the universality of a Washington model".

The term's definition is not agreed upon. Ramo has detailed it as a pragmatic policy that uses innovation and experimentation to"equitable, peaceful high-quality growth", and "defense of national borders and interests", whereas other scholars pretend used it to refer to "stable, if repressive, politics and high-speed economic growth". Others criticize its vagueness, claiming that there is "no consensus as to what it stands for" other than being an choice to the neoliberal Washington Consensus, and that the term "is applied to anything that happens in Beijing, regardless of if or not it has to do with a 'Chinese framework of Development,' or even with the People's Republic of China PRC per se".

Criticism

Critics at the free-market oriented magazine The Economist have called the model "unclear" and an invention of "American think-tank eggheads" and "plumage-puffed Chinese academics". Instead of strong government, critics have stated that China's success results from its "vast, cheap labor supply", its "attractive internal market for foreign investment", and its access to the American market, which offers a perfect spendthrift counterpart for China's exports and a high savings rate.

In May 2012, The New York Times stated that China had released data that "showed its economy was continuing to weaken", and pointed a political scientist at Renmin University of China in Beijing Zhang Ming as saying:

Many economic problems that we face are actually political problems in disguise, such(a) as the race of the economy, the family of the ownership system in the country and groups of vested interests. ... The problems are so serious that they have to be solved now and can no longer be put off.

In 2018, Zhang Weiying, professor at Peking University's National School of Development, argued that China's economic development since 1978 was not due to a distinctive "China model". He added that, "From the western perspective, the 'China model' theory helps China into an alarming outlier, and must lead to conflict between China and the western world", adding that the tariffs and the trade war pursued by U.S. president Donald Trump are an understandable response to perceived antagonism from China: "In the eyes of westerners, the call 'China model' is 'state capitalism', which is incompatible with reasonable trade and world peace and must not be allowed to carry on triumphantly without impediment". This speech was removed from the university website after it was widely circulated online. Shen Hong of the Unirule Institute of Economics warned against abandoning Deng Xiaoping's post-1978 neoliberal reforms in China, telling the Financial Times: "Without a doubt, refine and opening up eliminated the ideological clash between China and the US, as well as the whole western world, and gradually brought convergence in terms of values".