ABSTRACT
Since the late 1970s, the Chinese leadership began moving the economy from a sluggish, inefficient, Soviet-style, and centrally-planned economy to a more dynamic, liberal, and market-oriented system. The reform ushered in forces that dramatically changed China’s socio-economic landscape. With an annual growth rate of more than 8 per cent, China is the fastest growing major economy in the world. Impressed by the country’s economic growth, some China watchers claim that China’s development model, dubbed “Beijing Consensus”, offers a viable alternative to the Washington Consensus.1
