The beijing consensus in the shadow of the global financial crisis

Abstract

The tremendous economic growth experienced by the People’s Republic of China (PRC) over the last few decades has attracted the attention of academics and policy-makers all over the world. The developing countries are not an exception and, in fact, many in Asia, Africa and Latin America may see the People’s Republic of China as an example to follow. Given the PRC’s economic growth and development strategies that differ from those of the International Monetary Fund and the World Bank, some authors consider that a new consensus, a Beijing Consensus, might be emerging and could possibly replace the so-called Washington Consensus. However, it is also undeniable that the current global financial crisis may well constitute a formidable test for the Chinese Growth Model and consequently decide the fate of the Beijing Consensus. If the PRC manages to get out of this crisis ahead of the rest, it will mean a tremendous boost for the possibilities of the Beijing Consensus. If, on the contrary, China is affected like the rest, the concept may never be realized.