Gold into Base Metals: Productivity Growth in the People’s Republic of China during the Reform Period
指出中国改革时期非农业经济的高速增长，部分源于企业系统性低估通胀（每年贡献2.5%），扣除劳动参与率、教育提升和农业劳动力转移后，生产率表现并不突出，效率提升可能主要来自农业。
With minimal sleight of hand, it is possible to transform the recent growth experience of the People's Republic of China from the extraordinary into the mundane. Systematic understatement of inflation by enterprises accounts for 2.5 percent growth per year in the nonagricultural economy during the first two decades of the reform period (197898). The usual suspects (i.e., rising participation rates, improvements in educational attainment, and the transfer of labor out of agriculture) account for most of the remainder. The productivity performance of the nonagricultural economy during the reform period is respectable but not outstanding. To the degree that the reforms have improved efficiency, these gains may lie principally in agriculture.