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Capital inputs in the Chinese economy: Estimates for the total economy, industry and manufacturing

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  • Wang, Lili
  • Szirmai, Adam

Abstract

This paper presents new estimates of capital inputs in the Chinese economy. Estimates are made for the total economy (1953–2007), for the industrial sector (1953–2007) and for manufacturing (1985–2007). The capital input estimates for industry and manufacturing are also broken down by thirty regions. The paper makes a systematic attempt to apply SNA (System of National Accounts) concepts to the estimation of capital inputs, according to the Perpetual Inventory Method. It makes a clear distinction between capital services from a productivity perspective and wealth capital stocks. The paper provides a detailed analysis of the relevant Chinese statistical concepts and data. It provides an explanation of the procedures followed in constructing the new national and regional capital input series.

Suggested Citation

  • Wang, Lili & Szirmai, Adam, 2012. "Capital inputs in the Chinese economy: Estimates for the total economy, industry and manufacturing," China Economic Review, Elsevier, vol. 23(1), pages 81-104.
  • Handle: RePEc:eee:chieco:v:23:y:2012:i:1:p:81-104
    DOI: 10.1016/j.chieco.2011.08.002
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    References listed on IDEAS

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    1. Fleisher, Belton & Li, Haizheng & Zhao, Min Qiang, 2010. "Human capital, economic growth, and regional inequality in China," Journal of Development Economics, Elsevier, vol. 92(2), pages 215-231, July.
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    4. Jefferson, Gary H. & Rawski, Thomas G. & Li, Wang & Yuxin, Zheng, 2000. "Ownership, Productivity Change, and Financial Performance in Chinese Industry," Journal of Comparative Economics, Elsevier, vol. 28(4), pages 786-813, December.
    5. Wang, Yan & Yao, Yudong, 2003. "Sources of China's economic growth 1952-1999: incorporating human capital accumulation," China Economic Review, Elsevier, vol. 14(1), pages 32-52.
    6. Chow, Gregory C & Li, Kui-Wai, 2002. "China's Economic Growth: 1952-2010," Economic Development and Cultural Change, University of Chicago Press, vol. 51(1), pages 247-256, October.
    7. 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.
    8. Holz, Carsten A., 2006. "New capital estimates for China," China Economic Review, Elsevier, vol. 17(2), pages 142-185.
    9. Jefferson, Gary H. & Rawski, Thomas G. & Zheng, Yuxin, 1996. "Chinese Industrial Productivity: Trends, Measurement Issues, and Recent Developments," Journal of Comparative Economics, Elsevier, vol. 23(2), pages 146-180, October.
    10. Marcel Timmer, 1999. "Indonesia's Ascent on the Technology Ladder: Capital Stock and Total Factor Productivity in Indonesian Manufacturing, 1975-95," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 35(1), pages 75-97.
    11. Paul Schreyer & Pierre-Emmanuel Bignon & Julien Dupont, 2003. "OECD Capital Services Estimates: Methodology and a First Set of Results," OECD Statistics Working Papers 2003/6, OECD Publishing.
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    Cited by:

    1. Scherngell, Thomas & Borowiecki, Martin & Hu, Yuanjia, 2014. "Effects of knowledge capital on total factor productivity in China: A spatial econometric perspective," China Economic Review, Elsevier, vol. 29(C), pages 82-94.
    2. Long, Zhiming & Herrera, Rémy, 2016. "Building original series of physical capital stocks for China's economy methodological problems, proposals for solutions and a new database," China Economic Review, Elsevier, vol. 40(C), pages 33-53.
    3. Carsten A. Holz & SUN Yue, 2017. "Physical Capital Estimates for China's Provinces, 1952-2015 and Beyond," CESifo Working Paper Series 6472, CESifo Group Munich.
    4. Wu, Harry X., 2011. "Rethinking China.s Path of Industrialization," WIDER Working Paper Series 076, World Institute for Development Economic Research (UNU-WIDER).
    5. WU, Jidong & LI, Ning & SHI, Peijun, 2014. "Benchmark wealth capital stock estimations across China's 344 prefectures: 1978 to 2012," China Economic Review, Elsevier, vol. 31(C), pages 288-302.

    More about this item

    Keywords

    Capital input; Capital services; Capital stocks; Regions; China; Industry; Manufacturing;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock

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