The End of the Beijing Consensus
Since China began undertaking economic reforms in 1978, its economy has grown at a rate of nearly ten percent a year, and its per-capita GDP is now twelve times greater than it was three decades ago. Many analysts attribute the country’s economic success to its unconventional approach to economic policy — a combination of mixed ownership, basic property rights, and heavy government intervention. Time magazine’s former foreign editor, Joshua Cooper Ramo, has even given it a name: the Beijing consensus.
