外文翻译 中国的固资产投资与经济增长.docVIP

广西工学院 毕业论文外文翻译 系 别 财政经济系 专 业 经济学 班 级 经济062 学 号 200601802075 姓 名 林春源 指导教师 李 舟 二○一○年 五 月 二十五 日  Fixed Investment and Economic Growth in China Andyc. C. Kwan,Yangruwu,Junxi Zhang Economics of Planning.1999(32):67–79. ? 1999 Kluwer Academic Publishers. Printed in the Netherlands. Abstract This paper attempts to investigate empirically the investment-growth relationship in China.Using the exogeneity framework pioneered by Engle et al. (1983) and Engle and Hendry (1993), we find that fixed investment is a key determinant of China’s economic growth, which, surprisingly, has not been rigorously examined in the literature. The super exogeneity test results suggest that there exists a robust (or structurally invariant) relationship between capital formation and income growth, thereby giving credence to policy evaluation. 1. Introduction Since the establishment of the People’s Republic of China in 1949, especially since the beginning of economic reforms in 1978, the Chinese economy has displayed significant progress despite much political turbulence and population pressure. For example, according to the Statistical Yearbook of China (1994), China’s national income rose roughly 42 times between 1952 and 1993, which corresponds to an annual compounded rate of growth of 9%. During the year before economic reforms launched in 1978, it is about 5.7 times with the annual growth rate of 6.9%. These numbers are impressive even when compared with those of the high performing economies such as Hong Kong, Singapore, South Korea and Taiwan. A recent report by the World Bank also claims that China now is one of the fastest growing countries in the world (World Bank, 1993). Many attempts have been made to account for this rapid growth; see, among others, Perkins (198