For over two decades, consultant Joshua Cooper Ramo has been championing the unique approach to development that China has employed. Unlike the traditional Washington consensus, which emphasizes financial liberalization and openness to foreign capital, China prioritizes principles such as equality, innovation, sovereignty and national security. This model has resonated with many developing countries seeking an alternative path to development.
However, while Chinese leaders have mostly denied any intention of exporting their state-led development model, there have been instances where they have been more assertive. In a speech to Communist Party officials, President Xi Jinping challenged the idea that modernization equals Westernization. This suggests that China’s growth provides new options for developing nations seeking a different path to progress.
Leaders from various developing countries have praised aspects of the Beijing consensus. Imran Khan of Pakistan, Mahathir Mohamad of Malaysia, Luiz Inácio Lula da Silva of Brazil and Cyril Ramaphosa of South Africa have all expressed support for this unique approach to development. Since its inception, China’s economy has quadrupled in real dollar terms, solidifying its position as a global powerhouse and influencing its diplomatic and military standing on a global scale.
