Cover IMF Working Papers
Why is China Growing so Fast?
Author: Mr. Mohsin S. Khan and Zuliu Hu
Series:
IMF Working Papers
Volume/Issue:
Volume 1996: Issue 075
Language:
English
Publication Date:
01 Jul 1996
DOI:
https://doi.org/10.5089/9781451849684.001
ISBN:
9781451849684
ISSN:
1018-5941
Pages:
36
Keywords:
WP; capital stock; national income; output; TFP estimate; nonagricultural economy; TFP rate; growth experience; aggregate growth; open-door policy; economic reforms; China's TFP growth; production function; Total factor productivity; Productivity; Production growth; Stocks; East Asia
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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China has been growing at a spectacular rate in recent years, enabling per capita incomes to almost quadruple in only the last decade and a half This paper identifies the sources of economic growth in China from 1953 to 1994. While capital accumulation played an important role in China’s economic growth throughout the period, it is basically the sharp and sustained increase in productivity that accounts for the unprecedented economic growth observed during the reform period. The productivity gains largely reflect market-oriented reforms, especially the expansion of the nonstate sector, as well as China’s “open door” policy that brought about a dramatic expansion in foreign trade and foreign direct investment.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund