• Sat   • Dec 27, 2014   • Updated: 11:28pm CommentInsight &
Opinion  Post 2008, we need a fairer system of global governance
He Yafei says five years after the global financial crisis,
China and othe rdeveloping economies have become the leading
engines of growth, but a fairer global order has yet to fully
emerge  PUBLISHED : Saturday, 28 December, 2013, 4:47am UPDATED
: Saturday, 28 December, 2013, 4:47am  It has been more than
five years since the global financial crisis caught us
unprepared in 2008. What lessons have we learned? Looking back,
nobody will miss the fact that the world has undergone some
tremendous changes. In fact, 2008 proved to be a turning point
both for China and the world as a whole.  First and foremost,
the "Washington Consensus", with its roots in neo-liberalism
that had dominated the global economic landscape since its
inception in 1990, met its demise that year.  In sharp contrast,
the "Beijing Consensus" as represented by China's rapid economic
growth has gained worldwide attract