Finance & economics | Red dawn

China’s economic model retains a dangerous allure

Despite the country’s current struggles, autocrats elsewhere see a lot to admire

Collage of a world globe with a Chinese yuan bill poking though.
Illustration: Juanjo Gasull
|Singapore

Twenty years ago Joshua Cooper Ramo, a consultant, first wrote about the “Beijing consensus”. The Washington consensus of financial liberalisation, floating currencies and openness to foreign capital was, he posited, a damaged brand. China was pioneering its own approach to development based on principles of equality, innovation and a relentless focus on sovereignty and national security. This would appeal to lots of developing countries.

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This article appeared in the Finance & economics section of the print edition under the headline “Painting the globe red”

From the June 8th 2024 edition

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