Beijing Consensus

Beijing Consensus

An economic development framework that represents an alternative to the Washington Consensus (see Washington Consensus). The Beijing Consensus contains a mixture of state-capitalism and free market policies, and acts as a guideline for economic reform for developing countries. The framework is mainly supported by China and to some extent Singapore. In January 2012, the British economist, John Williamson, described the Beijing Consensus as consisting of five elements, namely incremental reform, innovation and experimentation, export-led growth, state capitalism, and authoritarianism.