This paper uses both macro level and sectoral data to study the sources and pattern of China＇s impressive economic growth over the last 25 years. Extending the growth accounting framework, we show that widening inequ...This paper uses both macro level and sectoral data to study the sources and pattern of China＇s impressive economic growth over the last 25 years. Extending the growth accounting framework, we show that widening inequality, rural poverty, and resource intensity are to a large extent rooted in China＇s growth strategy, and resolving them requires a rebalancing of policies. We find that growth of investment in the industn＇al sector has been the single most important factor driving gross domestic product and overall labor productivity growth since the early 1990s. The shift of labor from low-productivity agriculture has been limited. The productivity gap between agriculture and the rest of the economy has continued to widen, leading to increased rura-urban income inequality. Continuing with the current growth pattern would further increase already high investment and saving needs to unsustainable levels, lower urban employment growth, and widen the rural-urban income gap. However, reducing subsidies to industry and investment, encouraging the development of the services industry, and reducing barriers to labor mobility would result in a more balanced growth and a substantial reduction in the income gap between rural and urban residents.展开更多
The BRICS （Brazil, Russia, India, China and South Africa） and other emerging economies have become a driving global force for the past twenty years. However, their growth patterns are obsolete, impeding the quality ...The BRICS （Brazil, Russia, India, China and South Africa） and other emerging economies have become a driving global force for the past twenty years. However, their growth patterns are obsolete, impeding the quality and competitiveness of their economic growth, while simultaneously threatening the sustainability of their economic convergence with developed nations. Transforming the domestic growth pattern-the solution to the middle-income trap-has therefore become a key priority for each of these economies. This paper presents a comparative analysis of how to transform the pattern of economic growth in BRICS and achieve sustainable economic convergence with a comparative analysis of the pattern of economic growth and problems among BRICS countries.展开更多
文摘This paper uses both macro level and sectoral data to study the sources and pattern of China＇s impressive economic growth over the last 25 years. Extending the growth accounting framework, we show that widening inequality, rural poverty, and resource intensity are to a large extent rooted in China＇s growth strategy, and resolving them requires a rebalancing of policies. We find that growth of investment in the industn＇al sector has been the single most important factor driving gross domestic product and overall labor productivity growth since the early 1990s. The shift of labor from low-productivity agriculture has been limited. The productivity gap between agriculture and the rest of the economy has continued to widen, leading to increased rura-urban income inequality. Continuing with the current growth pattern would further increase already high investment and saving needs to unsustainable levels, lower urban employment growth, and widen the rural-urban income gap. However, reducing subsidies to industry and investment, encouraging the development of the services industry, and reducing barriers to labor mobility would result in a more balanced growth and a substantial reduction in the income gap between rural and urban residents.
基金Interim results for the state social science foundation key project ＂Raising Macro Regulation Level and Maintain Fast and Steady Economic Growth＂ （approve No. 09＆ZD017） and ＂Funding Program for Academic Human Resources Development in Institutions of Higher Learning Under the Jurisdiction of Beijing Municipality＂ （approve No. 00491162340 142）.
文摘The BRICS （Brazil, Russia, India, China and South Africa） and other emerging economies have become a driving global force for the past twenty years. However, their growth patterns are obsolete, impeding the quality and competitiveness of their economic growth, while simultaneously threatening the sustainability of their economic convergence with developed nations. Transforming the domestic growth pattern-the solution to the middle-income trap-has therefore become a key priority for each of these economies. This paper presents a comparative analysis of how to transform the pattern of economic growth in BRICS and achieve sustainable economic convergence with a comparative analysis of the pattern of economic growth and problems among BRICS countries.
