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China’s total factor productivity estimates by region,.pdf

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China’s total factor productivity estimates by region,

China’s total factor productivity estimates by region, investment sources and ownership Kui-Wai Li * Department of Economics and Finance, APEC Study Center, City University of Hong Kong, Tat Chee Avenue, Kowloon, Hong Kong 1. Introduction Empirical studies on the economic growth and total factor productivity (TFP) in the Asian economies by Young (1989, 1993, 1995), Krugman (1994) and Kim and Lau (1994) have argued that economic growth has been contributed more by growth in capital inputs than growth in TFP. Since China’s economic reform in 1978, China has experienced a two-digit economic growth rate in most years. Studies by Borensztein and Ostry (1996), Chow and Li (2002) and Bosworth and Collins (2008) have shown that China has achieved an average annual TFP growth rate of about 3%. However, both Demurger (2001) and Young’s (2000) ‘‘Stories’’ on China’s post-reform economic growth has pointed to the lack of system change that includes, for example, distortion in relative prices and central control Economic Systems 33 (2009) 213–230 A R T I C L E I N F O Article history: Received 16 September 2008 Received in revised form 4 May 2009 Accepted 3 June 2009 JEL classification: O47 O53 Keywords: China post-reform economy Total factor productivity Relative variances A B S T R A C T This paper constructs China national and provincial physical capital and human capital for the period 1984–2006. The estimation of physical capital is extended to the use of sources of fund and ownership of fund. The growth accounting framework is used to calculate the output, input and total factor productivity growth rates. The relative variance method is used to compare the relative importance to output growth by input growth and productivity growth. The empirical findings show that although output growth in post-reform China has been contributed much by growth in total factor productivity, output volatility has relied more on input growth, and TFP growth has not been supported by complemen