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Financial Liberalisation and Growth in China’s Economic Reform

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  • Kui‐Wai Li
  • Tung Liu

Abstract

This paper summarises China’s financial liberalisation experience and examines the contributions of financial resources on economic growth during the post‐reform period. Financial liberalisation has resulted in the reallocation of the four sources of total investment in fixed assets: state budget appropriation, national bank loans, self‐raised funds, and foreign investment. We find that the growth of GDP and industrial production are positively related to the growth of self‐raised funds and foreign investment. We conclude that the use of foreign investment and funds raised by the enterprises themselves are more efficient than the government’s appropriation and provision of bank loans.

Suggested Citation

  • Kui‐Wai Li & Tung Liu, 2001. "Financial Liberalisation and Growth in China’s Economic Reform," The World Economy, Wiley Blackwell, vol. 24(5), pages 673-687, May.
    • Handle: RePEc:bla:worlde:v:24:y:2001:i:5:p:673-687
    DOI: 10.1111/1467-9701.00375
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    Cited by:

    1. Bhar, Ramaprasad & Nikolova, Biljana, 2009. "Return, volatility spillovers and dynamic correlation in the BRIC equity markets: An analysis using a bivariate EGARCH framework," Global Finance Journal, Elsevier, vol. 19(3), pages 203-218.
    2. Li, Kui-Wai, 2009. "China's total factor productivity estimates by region, investment sources and ownership," Economic Systems, Elsevier, vol. 33(3), pages 213-230, September.

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