Beijing Consensus

<p>The Beijing Consensus  or China Model (<a href="/facts/Chinese_language/771ruUY1">Chinese</a>: 中国模式), also known as the Chinese Economic Model, is the political and economic policies of the <a href="/facts/China/lTjIXY5p">People's Republic of China</a> (PRC) that began to be instituted by <a href="/facts/Hua_Guofeng/b6atNK0F">Hua Guofeng</a> and <a href="/facts/Deng_Xiaoping/qloJ6G8m">Deng Xiaoping</a> after <a href="/facts/Mao_Zedong/tU9LMYH3">Mao Zedong</a>'s death in 1976. The policies are thought to have contributed to China's "economic miracle" and eightfold growth in gross national product over two decades. In 2004, the phrase "Beijing Consensus" was coined by <a href="/facts/Joshua_Cooper_Ramo/XRqhDKjP">Joshua Cooper Ramo</a> to frame China's economic development model as an alternative—especially for developing countries—to the <a href="/facts/Washington_Consensus/qq2Dw5qd">Washington Consensus</a> of market-friendly policies promoted by the <a href="/facts/International_Monetary_Fund/tPSTWWS4">IMF</a>, <a href="/facts/World_Bank/hIH9uUb2">World Bank</a>, and <a href="/facts/U.S._Treasury/lDmua740">U.S. Treasury</a>. In 2016, Ramo explained that the Beijing Consensus shows not that "every nation will follow China's development model, but that it legitimizes the notion of particularity as opposed to the universality of a Washington model".
</p><p>The term's definition is not agreed upon. Ramo has detailed it as a pragmatic policy that uses innovation and experimentation to achieve "equitable, peaceful high-quality growth", and "defense of national borders and interests", whereas other scholars have 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 alternative to the <a href="/facts/Neoliberalism/UfqKadhe">neoliberal</a> Washington Consensus, and that the term "is applied to anything that happens in Beijing, regardless of whether or not it has to do with a 'Chinese Model of Development,' or even with the People's Republic of China (PRC) per se".
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Beijing Consensus open-in-new

Beijing Consensus