China's Strategies in Economic Diplomacy: A Survey of Updated Lessons for Africa, the West and China

2014 African Governance and Development Institute WP/14/036

32 Pages Posted: 1 Mar 2015

See all articles by Simplice Asongu

Simplice Asongu

African Governance and Development Institute

Jacinta Nwachukwu

University of Huddersfield - Business School

Gilbert Aminkeng

Centre Européen de Recherches Internationales & Stratégiques

Date Written: December 11, 2014

Abstract

The Washington consensus, the hitherto dominant scheme is being encroached by the Beijing model. Many African nations are increasingly embracing this Beijing approach because the dominant Western model has failed to deliver on a number of fronts. This is increasingly evident because China’s economic diplomacy has been politely and strategically coined to achieve just that. A case study is used here to articulate the currents of the survey. The paper puts some structure on China’s economic diplomatic strategies and discusses lessons for Africa, China and the West. It contributes to existing literature by critically engaging on why it is necessary for the West to adjust the conception and definition of the Washington Consensus as a complement to the Beijing model. In order to remain relevant in the 21st century and beyond, the Washington consensus can incorporate the Moyo (2013) conjecture which postulates that, while the Beijing model is optimal in the short-run, the Washington Consensus remains the optimal long-term development model because it is more inclusive.

Keywords: Economic relations; China; Africa

JEL Classification: F19; F21; O10; O19; O55

Suggested Citation

Asongu, Simplice and Nwachukwu, Jacinta C. and Aminkeng, Gilbert, China's Strategies in Economic Diplomacy: A Survey of Updated Lessons for Africa, the West and China (December 11, 2014). 2014 African Governance and Development Institute WP/14/036. Available at SSRN: https://ssrn.com/abstract=2571788

Simplice Asongu (Contact Author)

African Governance and Development Institute ( email )

P.O. Box 8413
Yaoundé, 8413
Cameroon

Jacinta C. Nwachukwu

University of Huddersfield - Business School ( email )

Queensgate
Huddersfield HD1 3DH
United Kingdom

Gilbert Aminkeng

Centre Européen de Recherches Internationales & Stratégiques ( email )

1 Defacqz Street
Brussels, 1000
United States

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