From the Beijing Consensus to the China Model: A Suggested Strategy for Future Economic Reform

Abstract

At present, economic reform in China is intensifying and has reached a crucial phase. Different segments of society and intellectuals are debating the direction of the on-going reforms both based on ideology and vested interests. The enormous growth China has experienced in the last three decades shows that reforms based on the socialist market economy has set China on an inevitable course to build a progressive society and help China to realize the Chinese Dream of national rejuvenation. The authors explain the essence of the China Model from four perspectives: the basic economic system, mode of economic regulation, driving force of economic growth and economic cooperation with foreign countries. Deepening economic reform requires adhering to core policies of the Communist Party of China and establishing a democratic politics with Chinese characteristics. Widespread and gradual political reform is crucial for the task of further development and perfecting the China Model.