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How Efficient Has Been China'S Investment? Empirical Evidence From National And Provincial Data

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Author Info
Dong He
Wenlang Zhang
Jimmy Shek

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Abstract

This paper analyses both the allocative efficiency and the dynamic efficiency of China's spending on capital. We examine the relationship between investment flows and the marginal product of capital computed by estimating the Cobb-Douglas and CES production functions at both the national and provincial levels. We also investigate dynamic efficiency by comparing the share of capital in national income and the rate of investment. The main finding is that the allocative efficiency of capital in China has improved in recent years, but the high rate of investment may be a sign of dynamic inefficiency of the Chinese economy. Copyright 2007 The Authors
Journal compilation 2007 Blackwell Publishing Ltd

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0106.2007.00374.x
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Publisher Info
Article provided by Blackwell Publishing in its journal Pacific Economic Review.

Volume (Year): 12 (2007)
Issue (Month): 5 (December)
Pages: 597-617
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Handle: RePEc:bla:pacecr:v:12:y:2007:i:5:p:597-617

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  1. Papa N'Diaye & Ping Zhang & Wenlang Zhang, 2008. "Structural Reform, Intra-Regional Trade, and Medium-Term Growth Prospects of East Asia and the Pacific --- Perspectives from a new multi-region model," Working Papers 0817, Hong Kong Monetary Authority. [Downloadable!]
  2. Dong He & Wenlang Zhang, 2008. "How Dependent is the Chinese Economy on Exports and in What Sense has its Growth been Export-led?," Working Papers 0814, Hong Kong Monetary Authority. [Downloadable!]
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This page was last updated on 2009-12-21.

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