In recent years, China has become a potential competitor to the western liberal democracy and has been evolving into a soft-authoritarian state. We expect China's real GDP to expand by 8.5% in 2021, from 2.3% growth in 2020, underpinned by fiscal support for infrastructure, healthcare and consumption. While the Chinese initially took their principal cues in shaping foreign policy from domestic developments and generally adhered to the initial pro-Soviet line, they began to act—on the basis of several important lessons gained during the Korean struggle—to reduce Beijing’s militant and isolationist attitudes in international affairs. The socialist transformation of agriculture, industry, and commerce thus went relatively smoothly. After 1949 and particularly during the first part of the Korean War, the Central Committee launched a major campaign to reeducate teachers and scientists and to discredit Western-oriented scholarship. Speaking about the contemporary world we cannot ignore the importance of fashion and style in our lives. It has experienced revolution, socialism, Maoism, and finally the gradual economic reform and fast economic growth that has characterised the post-Maoist period. Over the decades, China has evolved a political system that can best be described as ‘Political Meritocracy’. As part of the ambitious “One Belt, One Road” initiative, Beijing is funneling billions of dollars into infrastructure projects that will connect the Chinese economy with a host of countries dotted along the ancient Silk Road. Driven by a range of ideological, political and economic factors arising from China’s stock market crash of 2015, the core Joshua Cooper Ramo, the CEO and Vice Chairman of Kissinger Associates and bestselling author, coined the phrase ‘Beijing Consensus’ (the title of his book, published in 2009) for the development model for developing countries meant to be an alternative to the Washington Consensus of market-friendly policies promoted by the IMF and World bank. But for poor countries, the paths could be different. Until then, agricultural policy had attempted to wring large production increases out of changes in organization and land ownership, with little capital investment. For years, the United States has used its hegemonic power and influence in the World Bank and International Monetary Fund (IMF) to guide developing countries towards capitalism and liberal democracy. Advanced commercial development takes the place of industrial development in China: geographic unity, river systems, and canals facilitate the development of internal trade in China. Given its state of development, the country had a strong focus on the primary sector and the first reforms were related to agriculture. Nevertheless, at the end of 1957 the Soviet Union evidently agreed to provide China with the technical assistance needed to make an atomic bomb, and during 1958 the Soviet Union increased its level of aid to China. In 1951 the emphasis shifted from general campaigns to self-reform; in 1955 it shifted once again to an intensive thought-reform movement, following the purge of Hu Feng, until then the party’s leading spokesman on art and literature. Today, the debate revolves around how far Chinese ideas could spread, as most of the world sees China as reaching out for global power and influence. Xi Jinping, China’s party chief, sees no contradiction in pursuing deeper market reforms to achieve his national objectives while implementing new restrictions on individual political freedom. In a different vein, however, China enjoys its economic growth in the absence of liberalization reforms, and continues to play a major role in global economic development. China’s Economic Reforms. Episode 1: How are you being sustainable in quarantine? His slogan was “Unity with all,” according to the line of peaceful coexistence. The political economy causes of China’s economic success 77 have moved from the rank of middle-income nation to high-income nation since 1960. One of the major limitations of the China development model was the underdevelopment of the rule of law, which leads to the self-ruling class and rampant corruption. Daniel Bell, an American sociologist, and Harvard professor (died in 2011) has argued that westerners tend to divide the political world into ‘good’ democracies and ‘bad’ authoritarian regimes. https://www.britannica.com/place/China/Political-developments The intensity of these attacks slackened in early 1956. To flourish and prosper, they should also adopt the best practices of governance that are found in capitalist democracies. According to Pan Wei, a New Left Scholar, the China model defends the state-owned economy and its vested interests as advanced economic management without the constraints of the Western value package. Between 1955 and 1957, however, changes in Soviet and U.S. policies caused Chinese leaders to doubt the validity of this more cautious and conciliatory foreign policy. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. By continuing to use this site, you agree to our use of cookies. As a result, in 2015, more than 50 countries decided to join the Asian Infrastructure Investment Bank led by China. Before 1911, China was still characterized as a feudalistic economy run by the Qing authorities. The Chinese development model has followed the East Asian government-led development model in which industrial policy plays a central role in directing economic development. It is a multi-ethnic society with urban and rural areas and different regions of the country profiting from economic changes at varying rates. The new development paradigm claims to prioritize ‘people-centered approaches to development’ and social harmony in contrast to the stress on economic growth. Both characteristics particularly shape the development of the auto industry. The Chinese Development Model mainly incorporates political and economic policies of China that were instituted by Deng Xiaoping after Mao Zedong’s death in 1976. 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