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Multiple Forces Driving China’s Economic Development:A New Analytic Framework
Author(s): 
Pages: 103-120
Year: Issue:  3
Journal: China & World Economy

Keyword:  GetLinkList(KeywordFilter('China’s economic development five types of capital quality of growth total capital')'kw''CJFQ');
Abstract: Based on economic growth theory and the World Bank's analytical framework relating to the quality of growth, the present paper constructs a framework that encompasses physical, international, human, natural and knowledge capital to synthetically interpret economic development. After defining the five types of capital and total capital, we analyze the dynamic changes of these types of capital in China and in other countries. The results show that since China's reform and opening up, knowledge, international, human and physical capital have grown rapidly, with speeds of growth higher than that of economic growth. As the five types of capital have all increased at varying paces, the savings level of total capital in China has quadrupled in 25 years and overtook that of the USA in the 1990s. The changes in the five types of capital and total capital reveal that there are progressively multiple driving forces behind China's rapid economic development. Implications for China's long-term economic development are thereby raised.
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