Yao, Yang2012-05-162012-05-162011-04Development Outreachhttps://hdl.handle.net/10986/6098China's remarkable economic growth is often attributed to strong government intervention that can mobilize large amounts of resources to clear any bottleneck to growth or institutional change. This approach is often referred to as the Beijing Consensus (BC) as compared to the Washington Consensus (WC): the former being a model of authoritarianism and heavy state involvement in the economy, the latter a model of neoliberal and market-oriented doctrines. But these characterizations are inaccurate.CC BY 3.0 IGOarbitragedeveloping countrieseconomic developmenteconomic efficiencyFiscal decentralizationfiscal policyforeign direct investmentgovernment interventiongovernment revenueinflationinfrastructure investmentlocal governmentlocal governmentsmarket competitionmarket pricesmarket transactionsownership structuresprivate propertytaxtransition economiesJournal ArticleWorld Bank10.1596/1020-797X_13_1_26