Rising Power and the Balance of International Order

The ‘Washington Consensus’, as the signature concept of neoliberalism in the wave of globalisation, has been widely discussed and practised around the world since it was put forward in the late 1980s and early 1990s. Its core ideas include the advocacy of market liberalisation, trade liberalisation, privatisation and a drastic reduction in direct state intervention in the economy, with the aim of stimulating market dynamism and economic growth through a series of radical economic reforms, and ultimately achieving national prosperity and development. However, after decades of empirical testing, the general applicability of this theoretical framework and its practical effects have been increasingly questioned and challenged. The Washington Consensus fails to take into account the specific national circumstances, historical and cultural backgrounds of different countries. Concurrently, it places undue emphasis on economic liberalisation, whilst failing to acknowledge the beneficial role of government in economic development. In this context, the Beijing Consensus, representing the latest overview of China’s development experience, offers a novel discourse narrative and development model for individual countries. Consequently, this paper will concentrate on agenda review and comparative analyses, with a view to demonstrating the Beijing Consensus’ capacity to transcend the traditional capitalist model of national development and its impact on the existing international political power structure.