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Why is China Growing so Fast?

Author

Listed:
  • Mr. Mohsin S. Khan
  • Zuliu Hu

Abstract

China has been growing at a spectacular rate in recent years, enabling per capita incomes to almost quadruple in only the last decade and a half This paper identifies the sources of economic growth in China from 1953 to 1994. While capital accumulation played an important role in China’s economic growth throughout the period, it is basically the sharp and sustained increase in productivity that accounts for the unprecedented economic growth observed during the reform period. The productivity gains largely reflect market-oriented reforms, especially the expansion of the nonstate sector, as well as China’s “open door” policy that brought about a dramatic expansion in foreign trade and foreign direct investment.

Suggested Citation

  • Mr. Mohsin S. Khan & Zuliu Hu, 1996. "Why is China Growing so Fast?," IMF Working Papers 1996/075, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1996/075
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    Keywords

    WP; capital stock; national income; output; TFP estimate; nonagricultural economy; TFP rate; growth experience; aggregate growth; open-door policy; economic reforms; China's TFP growth; production function; Total factor productivity; Productivity; Production growth; Stocks; East Asia;
    All these keywords.

    JEL classification:

    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies

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