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OXFORD BULLETIN OF ECONOMICS AND STATISTICS, 73, 2 (2011) 0305-9049 doi: 10. 1111/j.1468-0084.2010.00625.x Why has China Grown So Fast? The Role of Physical and Human Capital Formation* Sai Ding† and John Knight‡ †Department of Economics, University of Glasgow, Adam Smith Building, Glasgow G12 8RT, UK (e-mail: sai.ding@glasgow.ac.uk) ‡China Growth Centre, St Edmund Hall, University of Oxford, Oxford OX1 4AR, UK (e-mail: john.knight@economics.ox.ac.uk) Abstract Cross-province growth regressions for China are estimated for the reform period. Two research questions are asked. Can the regressions help us to understand why China as a whole has grown so fast? What types of investment matter for China’s growth? We address the problem of model uncertainty by adopting two approaches to model selection to con- sider a wide range of candidate predictors of growth. Starting from the baseline equation, the growth impact of physical and human capital is examined using panel data techniques. Both forms of capital promote economic growth. ‘Investment in innovation’ and private investment are found to be particularly important. Secondary school enrolment contributes to growth, and higher education enrolment even more so. For the period 1960–1980 we observe, for example, India 1.4% a year, . . ., South Korea 7.0%, . . . An Indian will on average be twice as well off as his grandfather; a Korean 50 times . . . The consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is difficult to think of anything else. ( Lucas, 2002: 20-1). I. Introduction Since economic reform commenced in 1978, the Chinese economy has experienced remark- able economic growth. The growth rate of GDP per capita averaged 8.6% per annum over the 30-year period 1978–2007. Nor is there any sign of deceleration in growth: over the years 2000–07, the equivalent figure was 9.2%, and China a