China, an emerging power, is exploring its own development model

ZHENG Yongnian

Professor and Director of East Asian Institute, National University of Singapore

Abstract:

Since the reform and opening up in the late 1970s, China has gradually developed its own model of development. The fact that China has effectively resisted the negative impact of the global financial crisis points to the uniqueness of the China model. While the term “China model” has been widely used in the media and policy circles, not enough scholarly attention has been paid to China’s developmental experience. This paper attempts to look into the China model from a political economic perspective. In discussing the China model, most people will refer to China’s experience in economic development. However, the author argues that center to the China model is the country’s political development. The author believes that it is not correct to argue that the China model is characterized by “economic reform without political reform.” The author shows how changes have taken place in Chinese politics in order to promote economic growth. The paper highlights many characteristics of the China political model and economic model and demonstrates how politics and economics are interlinked.

Key words:

China model, China political development, China economic development, Beijing Consensus versus Washington Consensus, mixed economy, government versus market

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