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Why Is China Growing So Fast?

Author

Listed:
  • Zuliu F. Hu

    (International Monetary Fund)

  • Mohsin S. Khan

    (International Monetary Fund)

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 1952 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 total factor 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, which brought about a dramatic expansion in foreign trade and foreign direct investment.

Suggested Citation

  • Zuliu F. Hu & Mohsin S. Khan, 1997. "Why Is China Growing So Fast?," IMF Staff Papers, Palgrave Macmillan, vol. 44(1), pages 103-131, March.
    • Handle: RePEc:pal:imfstp:v:44:y:1997:i:1:p:103-131
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    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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