ABSTRACT
In view of the widespread interest in the subject, it is natural to include the Beijing Consensus. In view of the widespread use of the term, plus its pioneering role in initiating the debate, it is also natural to include the Washington Consensus. An immediate problem in discussing the Beijing Consensus is to know what it means. The term was introduced by Joshua Cooper Ramo, but he offered no list of the recommended policies. Many adherents of the Beijing Consensus explicitly favoured gradualism, whereas the subject is not broached by the Washington Consensus, because the author did not perceive it to be a major issue facing Latin America in 1989. A popular development has been the tendency to assert the existence of a middle-income trap and one antidote suggested is to change the mix of industries in which a country specializes to more technology-intensive, or innovation-intensive. In giving a high priority to maintaining macroeconomic balance, China has proved typically Asian.
