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China's rise as a new paradigm in the world economy: preliminaries

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  • Liming Wang
  • Jianghai Zheng

Abstract

Drawing on the fast growing literature concerning Chinese development and transition, we sketch a general framework for understanding the ‘China Miracle’ that the ‘conventional wisdom’ and ‘Washington Consensus’ cannot fully explain. Reflecting upon the recent financial crisis and the subsequent worldwide economic downturn, an attempt is made to present a paradigm, inspired by Chinese practice over the past decades, from a historical perspective. We conjecture that a desirable China model may maintain the characteristics of a good economy as proposed in Phelps (2006) with full employment and rights to personal development. With regard to the functioning of freely competitive markets and macroeconomic policy, not only should a China model be able to mimic the rule of law and accountability of liberal western democracies, but it might also possess a mainstream ideology that is deeply rooted in Chinese culture with modern social sciences as theoretical foundations. To divest China of undesirable properties from the existing system, it is necessary to establish a principle-agent relationship that can provide stable governance structure for day-to-day efficient management of the economy and society, and protect the fundamental interests of its citizens when external challenges threaten to weaken social cohesion and political stability.

Suggested Citation

  • Liming Wang & Jianghai Zheng, 2012. "China's rise as a new paradigm in the world economy: preliminaries," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 10(4), pages 301-312, August.
  • Handle: RePEc:taf:jocebs:v:10:y:2012:i:4:p:301-312
    DOI: 10.1080/14765284.2012.724979
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    Cited by:

    1. Asongu, Simplice & Nwachukwu, Jacinta, 2016. "Is the Threat of Foreign Aid Withdrawal an Effective Deterrent to Political Oppression? Evidence from 53 African Countries," MPRA Paper 74649, University Library of Munich, Germany.
    2. Asongu, Simplice A, 2014. "A Development Consensus reconciling the Beijing Model and Washington Consensus: Views and Agenda," MPRA Paper 58757, University Library of Munich, Germany.
    3. Simplice Asongu & John Ssozi, 2016. "Sino-African Relations: Some Solutions and Strategies to the Policy Syndromes," Journal of African Business, Taylor & Francis Journals, vol. 17(1), pages 33-51, January.
    4. NGUENA Christian-Lambert, 2014. "External Debt Origin, Capital Flight and Poverty Reduction in the Franc Zone: Does the Economic Consequences of Sino-African Relationship matter?," Working Papers 14/016, African Governance and Development Institute..
    5. Simplice Asongu, 2014. "Sino-African relations: a review and reconciliation of dominant schools of thought," Working Papers 14/037, African Governance and Development Institute..
    6. Simplice Asongu & Jacinta C. Nwachukwu & Gilbert A. A. Aminkeng, 2018. "Lessons from a Survey of China’s Economic Diplomacy," Working Papers 18/009, African Governance and Development Institute..
    7. Simplice Asongu & Jacinta C. Nwachukwu & Gilbert A. A. Aminkeng, 2014. "China’s Strategies in Economic Diplomacy: A Survey of Updated Lessons for Africa, the West and China," Working Papers 14/036, African Governance and Development Institute..

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