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In the aftermath of the East Asian crisis and Japan’s prolonged economic downturn, many observers considered that East Asia’s distinctive model of state-led development had become redundant and irrelevant. And yet not only have aspects of this model persisted in Japan despite attempts to reform it, but China is actively embracing elements of neo-mercantilism and state interventionism that owe much to the Japanese exemplar. Even more strikingly, China’s success and the influence of the “Beijing consensus” are encouraging other countries to follow suit. This article explores the trajectory of East Asian forms of developmentalism and suggests that reports of their death may prove premature.