When the high-income East Asian economies entered the upper-middle income stage,their long-term growth was sustained by their real manufacturing output share and total factor productivity(TFP).This is a typical patter...When the high-income East Asian economies entered the upper-middle income stage,their long-term growth was sustained by their real manufacturing output share and total factor productivity(TFP).This is a typical pattern that is highly consistent with classical development economics,which sees manufacturing as the engine of economic growth.When China became a middle-income country,its share of real manufacturing output and TFP both fell over the same period,exhibiting a theoretical and empirical tendency toward“premature deindustrialization”that increases the risk of being caught in the middle-income trap.Accelerating China’s development as a manufacturing power,advancing high-tech manufacturing and improving the quality and efficiency of traditional industries are realistic options for the country’s industrial development strategy.展开更多
文摘When the high-income East Asian economies entered the upper-middle income stage,their long-term growth was sustained by their real manufacturing output share and total factor productivity(TFP).This is a typical pattern that is highly consistent with classical development economics,which sees manufacturing as the engine of economic growth.When China became a middle-income country,its share of real manufacturing output and TFP both fell over the same period,exhibiting a theoretical and empirical tendency toward“premature deindustrialization”that increases the risk of being caught in the middle-income trap.Accelerating China’s development as a manufacturing power,advancing high-tech manufacturing and improving the quality and efficiency of traditional industries are realistic options for the country’s industrial development strategy.
