The authors present the evolution of China's socio-economic development, which in a relatively short period of time has become the world's second largest economy in nominal GDP, ahead of Japan. China is currently the world's largest exporter of high-tech products, accounting for about half of its volume. The article substantiates the position that the basis of the country's economic growth was, on the one hand, very progressive and pragmatic reforms implemented since the late 1970`s (in contrast to the “shock therapy” implemented in Eastern European countries and states formed after the collapse of the USSR); on the other hand, the policy of expanding exports and attracting direct foreign investments. China has created a new development model based on its own traditions and culture.
The Beijing Consensus is a counter-model to the Washington Consensus and presupposes the use of market instruments, if only they are capable of ensuring a dynamic economic development. The Chinese leadership is well aware that attempts to clash head-on with the United States of America, which is striving by all means to maintain its dominant position in the world, are quite dangerous, and therefore the Chinese leadership is concentrating on creating an asymmetric force in relations with the United States in order to be able to convert the country's economic weight into its geopolitical dominance.
The work was carried out within the framework of the State Assignment for 2025 № 075-03-2025-526.
For citation: Minakova I.V., Rastorguev A.A. The Beijing Consensus as an effective alternative to the Washington Consensus, Ivanovo State University Bulletin. Series: Humanities, 2025, iss. 3, pp. 106—113.