Redefining Beijing Consensus: ten economic principles

We argue that, owing to the conspicuous failure of Washington Consensus-guided reforms in most parts of the developing world in the 1990s and the outbreak of the current global financial crisis, the Washington Consensus, as a general term of neoliberal free market economic thinking, has been withering. In the meantime, the Chinese economic model has gained wide recognition and praise worldwide. Joshua C. Ramo coined the term ‘Beijing Consensus’ as an alternative approach to economic development for developing nations. There has been hot debate on the notion of a Beijing Consensus. We argue that even though there are some problems in Ramo's original definition of Beijing Consensus, we should not reject this notion altogether. Instead, we should try to come up with better conceptualizations of this term. In this paper, we sum up 10 general principles of the Chinese development model as our new definition of the Beijing Consensus.