China’s Economic Statecraft in Europe
“China is an economic development success story. The annual growth of its gross domestic product (GDP) consistently exceeded 8% from the 1990s until the early 2010s, and it is estimated that in 2019 it still exceeded 6%. This enduring boom created a historically unprecedented increase in wealth and living standards. More than 60% of the Chinese population lived below the poverty line in the early 1980s. Today, the Chinese are the world’s top buyers of luxury goods. China’s economic success is admired and studied around the world.
An increasing number of countries are tempted to mimic Beijing’s economic approach and switch from free-market models to state-run capitalism. The appeal is especially high for developing countries for which China’s example raises hopes that they, too, can catch up to the developed world. Even some European countries are starting to look to Beijing for economic guidance. The Washington Consensus of economic reform could soon be replaced by a Beijing Consensus. Consequently, it is not surprising that countries around the world actively seek to cooperate with China in order to profit from China’s economic rise and become part of the economic miracle...”
Excerpt from Frank Mouritz, “China’s Economic Statecraft in Europe,” per Concordiam: Journal of European Security Defense Issues 10, No. 3, 2020: 10-15.
This article reflects the views of the author and are not necessarily the official policy of the United States, Germany, or any other governments.