Market-oriented economic transition since 1978 has led to remarkable economic development in China. In this study, we use the National Economic Research Institute （NERI） Index of Marketization and a panel data model...Market-oriented economic transition since 1978 has led to remarkable economic development in China. In this study, we use the National Economic Research Institute （NERI） Index of Marketization and a panel data model to investigate the quantitative contributions of marketization to China＇s total factor productivity （TFP） and economic growth. Our results indicate that marketization contributed 1.45 percentage points on average to China＇s annual economic growth rate during the period from 1997 to 2007 and accounted for 39.2 percent of the increase in TFP. Marketization significantly improved resource allocation. However, economic transition in China has not yet been completed and sustainability of future growth will depend on further market-oriented reforms.展开更多
In this paper,the authors have made the following findings after the fitting of China's economic growth rate series using an improved STR model:since 1949,great changes have taken place in China's economic gro...In this paper,the authors have made the following findings after the fitting of China's economic growth rate series using an improved STR model:since 1949,great changes have taken place in China's economic growth pattern but factor input remains to be the major source of China's economic growth,as reflected by the extensive pattern of economic growth;with the exception of capital,the marginal output of all other production factors has been on the increase,which suggests that the efficiency of China's factor allocation has been continuously improved;the marginal output of capital has been on the decline,which explains that the dependency on investment for economic growth has led to excessive investment;reform and opening up and reform of marketization have substantially increased the sustainability of China's economic growth.In addition,the authors have investigated the internal momentum of China's growth transformation and developed relevant policy recommendations.展开更多
文摘Market-oriented economic transition since 1978 has led to remarkable economic development in China. In this study, we use the National Economic Research Institute （NERI） Index of Marketization and a panel data model to investigate the quantitative contributions of marketization to China＇s total factor productivity （TFP） and economic growth. Our results indicate that marketization contributed 1.45 percentage points on average to China＇s annual economic growth rate during the period from 1997 to 2007 and accounted for 39.2 percent of the increase in TFP. Marketization significantly improved resource allocation. However, economic transition in China has not yet been completed and sustainability of future growth will depend on further market-oriented reforms.
基金supported by the Evaluation of China's Structural Dividend and Research on Relevant Policiesa Special Program of Cultural and Social Sciences Key Research Center of the Department of Education,Liaoning Province(GrantNo.Z J2013046)
文摘In this paper,the authors have made the following findings after the fitting of China's economic growth rate series using an improved STR model:since 1949,great changes have taken place in China's economic growth pattern but factor input remains to be the major source of China's economic growth,as reflected by the extensive pattern of economic growth;with the exception of capital,the marginal output of all other production factors has been on the increase,which suggests that the efficiency of China's factor allocation has been continuously improved;the marginal output of capital has been on the decline,which explains that the dependency on investment for economic growth has led to excessive investment;reform and opening up and reform of marketization have substantially increased the sustainability of China's economic growth.In addition,the authors have investigated the internal momentum of China's growth transformation and developed relevant policy recommendations.
