Growth in China 1978-2008 : Factor Accumulation, Factor Reallocation, and Improvements in Productivity

Bulman, David ; Kraay, Aart

World Bank, Washington, DC

关键词: labor productivity;    capital accumulation;    total factor productivity;    GROWTH THEORY;   

RP-ID  :  92552

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

China's economic success over thepast three decades can be decomposed into three broadcontributions to growth; accumulation of labor and capital,growth induced by structural transformation (i.e. thereallocation of labor and capital across sectors andownership units), and growth in total factor productivity.Understanding the evolution of these three growthdeterminants is important for understanding China s futuregrowth potential. For example, in the neoclassical growthmodel, rapid growth through factor accumulation eventuallyslows with the onset of diminishing returns. And growthachieved through the reallocation of factors of productionfrom less efficient to more efficient uses will alsoeventually peter out as marginal products of factors areequated across units. In this paper we perform a growthaccounting exercise for China which allows us to separatethese three broad contributions to growth. The main noveltyof our exercise lies in our efforts to understand the roleof reallocation of both capital and labor across majorsectors (agriculture, industry, and services), and acrossownership forms (state, collective, and other).