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China economy
OpinionComment

How China’s development story can be an alternative to the Western model

Yuen Yuen Ang says Beijing, now apparently seeking a global leadership role, should not be shy about sharing how it used a mix of direction and improvisation to spark growth

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Yuen Yuen Ang says Beijing, now apparently seeking a global leadership role, should not be shy about sharing how it used a mix of direction and improvisation to spark growth
Yuen Yuen Ang
China needs to communicate to the rest of the world its counter-narrative to the so-called Washington Consensus, a tale of ingenious striving under adverse conditions, to which other developing economies can relate. Illustration: Craig Stephens
China needs to communicate to the rest of the world its counter-narrative to the so-called Washington Consensus, a tale of ingenious striving under adverse conditions, to which other developing economies can relate. Illustration: Craig Stephens
What strange times we live in. Four decades ago, America was the beacon of economic and political freedom, whereas China was an autarkic planned economy, completely closed to the world.
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Today, the tables are turned. US President Donald Trump champions protectionism, threatening to rip up trade deals and penalise companies that move factories abroad.

President Trump could trip up, but not for the reasons liberals think

Meanwhile, recently at the World Economic Forum in Davos, Chinese President Xi Jinping (習近平) impressed the world with a speech that espoused the benefits of globalisation and free trade.

China’s eagerness to provide global leadership, at a time of US withdrawal, holds tremendous promise. China’s aspiration to lead the world, however, is still missing a crucial ingredient: ideas and norms about development that departs from the Western order.

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In the past years, China has invested heavily in the economic development of other developing countries. As part of the ambitious “One Belt, One Road” initiative, Beijing is funnelling billions of dollars into infrastructure projects that will connect the Chinese economy with a host of countries dotted along the ancient Silk Road.

In addition, China has become a major aid donor to countries in Africa and Latin America. Thus far, China’s growing presence in international development has concentrated on spending money and building large-scale infrastructure projects.

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