Why has China Grown So Fast? The Role of Physical and Human Capital Formation*
通过中国各省份增长回归分析，研究物质资本和人力资本对经济增长的贡献，发现创新投资和私人投资尤为重要，中学和高等教育入学率均促进增长。
Cross-province growth regressions for China are estimated for the reform period. Two research questions are asked. Can the regressions help us to understand why China as a whole has grown so fast? What types of investment matter for China's growth? We address the problem of model uncertainty by adopting two approaches to model selection to consider a wide range of candidate predictors of growth. Starting from the baseline equation, the growth impact of physical and human capital is examined using panel data techniques. Both forms of capital promote economic growth. ‘Investment in innovation’ and private investment are found to be particularly important. Secondary school enrolment contributes to growth, and higher education enrolment even more so.