This paper examines the effect of supply-side structural reforms on China＇s potential economic growth rate in the coming decade according to the data the authors have gathered. Under the rapid growth scenario with th...This paper examines the effect of supply-side structural reforms on China＇s potential economic growth rate in the coming decade according to the data the authors have gathered. Under the rapid growth scenario with the implementation of supply-side structural reforms, China＇s potential economic growth rate will reach an average of 6.5% and 5.8% respectively in the 13th Five-year Plan （2016-2020） and 14th Five-year Plan （2021-2025） periods. These rates are 0.2 and 0.3 percentage points higher, respectively, than that under the baseline scenario with the inertia of historic trends. In implementing supply-side structural reforms, China must transform governmental functions, break monopolies, create a comprehensive competitive market environment, foster the creation of pro-innovation mechanisms, refocus on quality and efficiency, and raise capital utilization and labor productivity.展开更多
China＇s economic growth miracle despite complicated administrative approval formalities prompted us to raise the following question： ls it true that reforming administrative approval will promote economic growth？ B...China＇s economic growth miracle despite complicated administrative approval formalities prompted us to raise the following question： ls it true that reforming administrative approval will promote economic growth？ Based on our analysis on market entry, we discovered that reforming administrative approval will spur economic growth by reducing transaction cost for firms. Administrative approval may suppress social cost and propel China＇s economic growth; China＇s gradualist approval reforms may indeed propel economic growth by reducing transaction cost for firms. With the data of prefecture-level cities during 2000-2013 and data of companies listed on the SME board during 2010-2014, we tested the effects of approval reforms on economic growth and on transaction cost, and employed instrumental variable and PSM for the treatment of the endogeneity problem - all these tests led to robust and consistent results. Moreover, we discovered that difference in government policy implementation in the approval process is the root cause of corruption and rent seeking.展开更多
Chinese social and economic history is both influenced by and,to a certain extent,married with Chinese political regimes.Various political dynasties from the past have each exercised significant control of Chinese soc...Chinese social and economic history is both influenced by and,to a certain extent,married with Chinese political regimes.Various political dynasties from the past have each exercised significant control of Chinese social and economic environments,and continue to exert influence even to the present day.Three of these influential periods include the Kang Qian Flourishing Age(1723-1796),the Qing Dynasty Decline(1800s-1912),and the People’s Republic of China Communist Control(1949-present).A review and in-depth examination of each regime helps to both understand where China is today and also how it is likely to evolve in the future.展开更多
文摘This paper examines the effect of supply-side structural reforms on China＇s potential economic growth rate in the coming decade according to the data the authors have gathered. Under the rapid growth scenario with the implementation of supply-side structural reforms, China＇s potential economic growth rate will reach an average of 6.5% and 5.8% respectively in the 13th Five-year Plan （2016-2020） and 14th Five-year Plan （2021-2025） periods. These rates are 0.2 and 0.3 percentage points higher, respectively, than that under the baseline scenario with the inertia of historic trends. In implementing supply-side structural reforms, China must transform governmental functions, break monopolies, create a comprehensive competitive market environment, foster the creation of pro-innovation mechanisms, refocus on quality and efficiency, and raise capital utilization and labor productivity.
文摘China＇s economic growth miracle despite complicated administrative approval formalities prompted us to raise the following question： ls it true that reforming administrative approval will promote economic growth？ Based on our analysis on market entry, we discovered that reforming administrative approval will spur economic growth by reducing transaction cost for firms. Administrative approval may suppress social cost and propel China＇s economic growth; China＇s gradualist approval reforms may indeed propel economic growth by reducing transaction cost for firms. With the data of prefecture-level cities during 2000-2013 and data of companies listed on the SME board during 2010-2014, we tested the effects of approval reforms on economic growth and on transaction cost, and employed instrumental variable and PSM for the treatment of the endogeneity problem - all these tests led to robust and consistent results. Moreover, we discovered that difference in government policy implementation in the approval process is the root cause of corruption and rent seeking.
文摘Chinese social and economic history is both influenced by and,to a certain extent,married with Chinese political regimes.Various political dynasties from the past have each exercised significant control of Chinese social and economic environments,and continue to exert influence even to the present day.Three of these influential periods include the Kang Qian Flourishing Age(1723-1796),the Qing Dynasty Decline(1800s-1912),and the People’s Republic of China Communist Control(1949-present).A review and in-depth examination of each regime helps to both understand where China is today and also how it is likely to evolve in the future.
