This chapter analyzes the interaction between public policies and patterns of growth in Brazil over the last three decades, starting from the period when fast industrialization ends and major macroeconomic imbalances emerge. The effects of the various macroeconomic policy measures in terms of patterns of industrial growth are discussed. Brazil is possibly the only Latin American country that has emerged from the stabilization cures and liberalization shocks with a live and diversified industrial structure. However, at the end of the tunnel of semi-stagnation the international scene has dramatically changed with the emergence of China as a powerful major producer and exporter (including to the markets of other industrializing countries). Hence, new challenges but also new opportunities have arisen in Brazilian industry. As industrial policies played a crucial role in the early industrialization phase, they are likely to be important — albeit on different levels — in the adjustment to a Sino-centric world.