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The idea of the 'Beijing Consensus' does not accurately describe what has happened in China, nor does it represent a consensus among Chinese economists and policy-makers. This article presents six distinctive features of China's economic development, and argues that while each provides important lessons, none are easily copied by other developing countries. The intertwining of state and market in China is at the root of China's most distinctive developmental features. However, the specific character of the Chinese system and the way in which government and business relations have been structured cannot be readily replicated in other countries. (J Contemp China/GIGA)

China's policy makers have pulled the economy out of an incipient recession, but at the cost of unleashing a flood of liquidity on the system.

The social and economic model that emerged out of the Tiananmen crisis was profoundly different from that contemplated on the eve of Tiananmen. China made a firm transition to a high-input, high investment, high growth model of development. The broad but vague social consensus in favor of political and economic reforms that underlay the Tiananmen protests crumbled, while the economy boomed and some people became much better off. In the post- Tiananmen period a strong economic logic and a strong political logic coincided to produce a policy regime that was remarkably consistent and strongly self-replicating. (China Perspectives/GIGA)