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Although commonly applied to marketĮconomies, the neoclassical model has also been used to analyzeĬommand economies. To generate output and which offers analytical simplicity andĪ well-developed methodology. Growth consequently vary depending on how an analyst decides toĪlthough economists have many ways of explaining-or modeling-economic growth, a common approach is the neoclassical framework, whichĭescribes how productive factors such as capital and labor combine In most Western nations, it is difficult to derive internationallyĬomparable data on the Chinese economy. In addition, since theĬhinese national accounting system differs from the systems used Issues, mostly deriving from the country's years of central planningĪnd strict government control of many industries, which tend toĭistort prices and misallocate resources. This jump in productivity originated in the economic reforms begunĮconomists studying China face thorny theoretical and empirical
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View of development in which capital investment takes the lead. This marks a departure from the traditional Gains accounted for more than 42 percent of China's growth andīy the early 1990s had overtaken capital as the most significant In productivity (that is, increased worker efficiency) was theĭriving force behind the economic boom. Manufacturing machinery, and communications systems-was important,Īs were the number of Chinese workers, a sharp, sustained increase Growth in the country's stock of capital assets, such as new factories, Recently examined the sources of that nation's growth and arrivedĪt a surprising conclusion. Growth rate of 7-8 percent over the last 15 years.Ĭurious about why China has done so well, an IMF research team Of the "Asian tigers"-Hong Kong, Korea, Singapore,Īnd Taiwan Province of China-which, as a group, had an average Such growth compares very favorably to that The Chinese economy will be larger than that of the United States In the last 15 years, and a few analysts are even predicting that Saw average real growth of more than 9 percent a year with fewerĪnd less painful ups and downs. (with some painful ups and downs along the way), post-1978 China
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While pre-1978 China had seen annual growth of 6 percent a year By nearly all accounts, the strategy has worked Prices, and invested in industrial production and the education The formation of rural enterprises and private businesses, liberalizedįoreign trade and investment, relaxed state control over some
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In an effort to awaken a dormant economic giant, it encouraged The government of China embarked on a major program of economic In 1978, after years of state control of all productive assets, Readers interested in the original Working Paper may purchase a copy from IMF Publication Services ($7.00). Rozlyn Coleman prepared the present version. The following paper draws on material originally contained in IMF Working Paper 96/75, "Why Is China Growing So Fast?" by Zuliu Hu and Mohsin S. This material is refined for the general readership by editing and partial redrafting.
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The raw material of the series is drawn mainly from IMF Working Papers, technical papers produced by Fund staff members and visiting scholars, as well as from policy-related research papers. The Economic Issues series aims to make available to a broad readership of nonspecialists some of the economic research being produced in the International Monetary Fund on topical issues.
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