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The Fifth Asian Dragon: Sources Of Growth In Guangdong, 1979-1994

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  • CHI-WA YUEN

Abstract

This paper presents a growth accounting exercise to uncover the sources of spectacular growth in the Guangdong Province in China, the so-called "Fifth Dragon" in Asia, for the post-open-door period 1979-1994. A large fraction of Guangdong's output growth cannot be attributed to the growth in its capital and labor inputs. Of the unexplained residuals, foreign direct investment is a significant growth-spurring engine while export expansion is not. In this sense, China's open door policy did not generate export-led growth although it did stimulate capital accumulation through the importation of foreign capital. Copyright 1998 Western Economic Association International.

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  • Chi-Wa Yuen, 1998. "The Fifth Asian Dragon: Sources Of Growth In Guangdong, 1979-1994," Contemporary Economic Policy, Western Economic Association International, vol. 16(1), pages 1-11, January.
  • Handle: RePEc:bla:coecpo:v:16:y:1998:i:1:p:1-11
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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
    2. Gregory C. Chow, 1993. "Capital Formation and Economic Growth in China," The Quarterly Journal of Economics, Oxford University Press, vol. 108(3), pages 809-842.
    3. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    4. Ito, Takatoshi & Krueger, Anne O. (ed.), 1995. "Growth Theories in Light of the East Asian Experience," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226386706.
    5. Wan, Guang H., 1995. "Technical Change in Chinese State Industry: A New Approach," Journal of Comparative Economics, Elsevier, vol. 21(3), pages 308-325, December.
    6. Takatoshi Ito & Anne O. Krueger, 1995. "Introduction to "Growth Theories in Light of the East Asian Experience, NBER-EASE volume 4"," NBER Chapters, in: Growth Theories in Light of the East Asian Experience, NBER-EASE Volume 4, pages 1-6 National Bureau of Economic Research, Inc.
    7. Takatoshi Ito & Anne O. Krueger, 1995. "Growth Theories in Light of the East Asian Experience, NBER-EASE Volume 4," NBER Books, National Bureau of Economic Research, Inc, number ito_95-2, January.
    8. W, Y, 1995. "Productivity Growth, Technological Progress, and Technical Efficiency Change in China: A Three-Sector Analysis1," Journal of Comparative Economics, Elsevier, vol. 21(2), pages 207-229, October.
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