The role of total factor productivity in China’s economic growth Online publication date: Sun, 11-Jan-2015
by Zhu Sun; Michael Troilo
European J. of International Management (EJIM), Vol. 5, No. 6, 2011
Abstract: China’s growth over the past three decades is astonishing, but the engine of that growth is a matter of hot debate: is it greater efficiency or massive inputs? We summarise the work of four eminent Mandarin-language papers on the role of total factor productivity in China’s economic development. Two of the articles highlight efficiency, one favours inputs, and the last offers institutional reforms conducive to sustainable growth. All of the scholars would agree on the need for greater innovation; we offer policy prescriptions at the three main levels of governance. Officials at the national level should reform institutions and outline an innovation strategy to guide the policymakers below them. Provincial-level bureaucrats are in the best position to judge where and what infrastructure will be most beneficial to increasing efficiency, e.g. business incubators. Local officials must communicate with entrepreneurs and lead them to the resources they need to improve their operations.
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