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State advances and private retreats_ — Evidence of aggregate productivity decomposition in China.pdf

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China Economic Review 31 (2014) 459–474 Contents lists available at ScienceDirect China Economic Review State advances and private retreats? — Evidence of aggregate productivity decomposition in China Jun DU a,b,?, Xiaoxuan LIU c, Ying ZHOU d a Enterprise Research Centre, UK b Stockholm China Economic Research Institute, Stockholm School of Economics, PO Box 6501, 113 83 Stockholm, Sweden c Institute of Economics, Chinese Social Science Academy, 2 Yue Tan Bei Xiao Jie, Beijing 100836, China d Economics and Strategy Group, Aston Business School, Aston University, Birmingham B4 7ET, UK article info Article history: Received 17 September 2013 Received in revised form 23 January 2014 Accepted 7 March 2014 Available online 1 April 2014 JEL classifications: O14 D24 C10 O47 P3 Keywords: Industrial development Reallocation Decomposition Aggregate productivity China abstract This paper is motivated by the recent debate on the existence and scale of Chinas ‘Guo Jin Min Tui’ phenomenon, which is often translated as ‘the state sector advances and the private sector retreats’. We argue that the profound implication of an advancing state sector is not the size expansion of the state ownership in the economy per se, but the likely retardation of the development of the already financially constrained private sector and the issues around the sustainability of the already weakening Chinese economy growth. Drawing on recent methodological advances, we provide a critical analysis of the contributions of the state and non-state sectors in the aggregate Total Factor Productivity and its growth over the period of 1998–2007 to verify the existence of GJMT and its possible impacts on Chinese economic growth. Overall, we find strong and consistent evidence of a systematic and worsening resource misallocation within the state sector and/or between the state sectors and private sectors over time. This suggests that non-market forces allow resources to be driven away from their competitive mark