It is hard to miss the self-congratulatory mood in Beijing's corridors of power these days. The Chinese Communist party was practically written off after its army crushed the pro-democracy movement in Tiananmen Square on June 4 1989. At home, it faced a shocked and resentful population. Internationally, it was isolated. The fall of communism in the former Soviet bloc further demoralised its members.

Twenty years later, things could hardly be more different. China is riding high as a new economic and geopolitical giant. The party's rule has never felt more secure.

Chinese leaders appear to believe that they have discovered the magic formula for political survival: a one-party regime that embraces capitalism and globalisation. Abroad, the party's success raises fears that it has established a viable new model for autocratic rule.

As the world commemorates the 20th anniversary of the Tiananmen tragedy, it is time to reflect on how the party has held on to power against seemingly impossible odds and whether the strategy it has pursued since Tiananmen will continue to sustain its political monopoly.

Clearly, the most important explanation for the party's apparent resilience is its ability to deliver consistently high growth. However, largely through trial and error, the party has also developed a complementary and quite sophisticated political strategy to strengthen its power base.

A lesson taken from the Tiananmen debacle by the party's leaders is that elite unity is critical to its survival. The political necessity of launching China's economic reforms in the late 1970s required the party to form a grand alliance of liberals, technocrats and conservatives. But the liberals and the conservatives constantly clashed during the 1980s, over both the speed and the direction of reform.

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