During the financial and economic crisis of 2008 and 2009, Beijing passed a $600 billion stimulus package (representing 13.4 percent of Chinese gross domestic product (GDP)) which allowed China to breeze through the worst global contraction since the Great Depression. With the U.S. mired in depression-like conditions, some believed that the “Beijing Consensus” of state-led capitalism seemed to have eclipsed the “Washington Consensus” of market capitalism.[1]