The issue of neoliberalism has aroused sustained interest among English language teaching (ELT) and applied linguistic researchers who are politically minded. Neoliberalism is a dominant rationality with immense economic, political and ideological consequences in all aspects of social and institutional life in globalization, including foreign language education. This article presents a critical analysis of the neoliberal discourse on English language learning in the Chinese context with a special focus on teaching materials. Informed by a political economy perspective on English language education, the study employs critical discourse analysis (CDA) as a methodological principle. Specifically, it examines the way (a) competence in English is commodified as a desirable linguistic cultural capital, (b) English learning is portrayed as an individualized and asocial undertaking, and (c) a monolingual and monocultural dream is built to include learners in an imagined homogeneous discourse community. Implications for ELT pedagogy and curriculum are discussed.