Harmonious World and China’s Foreign Economic Policy: Features, Implications, and Challenges

Abstract

Analysts oddly have neglected the foreign economic implications of China’s harmonious world and harmonious society doctrines. This article specifies the foreign economic policy effects of both, collectively termed harmonious world plus (HWP). It shows that HWP implies China’s continued integration into the global economic system, acceptance of the extant international economic order, and backing for increased cooperation and exchange, provided it is mutually beneficial. It further demonstrates that HWP implies support for global development, self-reliance, and multilateralism. Beyond this, the study reveals that HWP is likely to influence China’s interactions with international economic institutions, foreign investors, and its international resource dealings. Generally speaking, this article shows that China is making progress adhering to most of the tenets of HWP, though there are some areas for concern. It also reveals that convergences and divergences between HWP and China’s actual policies are attributable to national interests, China’s limited capabilities, and domestic politics.