Having already won the Pink Ribbon Pro-Am and Asian PTC, Bingham arrived in China for the season's opening ranking event in red-hot form but found himself 5-0 down in Sunday's final.
Walden, 2008 Shanghai Masters winner, was stuck in his chair as Bingham stepped on the gas to become the only player other than Stephen Hendry and John Higgins to make a maximum in a ranking event final.
But the Basildon star's joy was short-lived as Walden, ranked 15th one place above his opponent, rattled in a 56 to build a 7-1 lead at the end of the first session.
Runs of 43 and 73 in the next two had Walden within touching distance of glory but Bingham had plenty of spirit left in the tank.
This year's Australian Open champion reduced the deficit by three with back-to-back centuries (103 and 100) and looked favourite to make it 9-5 with a 31-point lead.
But Walden stopped the rot to finally get over the line with a 74 to take the honours.