|
資陽翻譯公司關鍵字：Table 1 that 50 years from 1952 to 2002, China's GDP expanded 40.3 times the output capacity, output capacity per worker GDP expanded 11.4-fold; capital stock growth of 74.9 times the capital stock per worker growth of 21.3 times. This means that the whole of China's economic growth is not the type of technological progress, but the type of capital expansion, industrialization model of economic growth. But from 1952 to 2002 if we are divided into two stages before and after the reform and opening up, you will find 25 years from 1952 to 1977, the workers are GDP output capacity of 2.24 times, workers were raised to 4.52 times the capital stock; 1977 to 2002 25 years, workers have output capacity of 5.1 times the capital stock per worker increased 4.7-fold. This shows that China's economic reform and opening up before and after the occurrence of the nature of change, technological advances that never changed with technological advances. Can also be seen from Table 1, if the reform and opening up is divided into two phases: 1977 to 1992 and from 1992 to 2002, will find that the first 15 years of technological progress is obvious, then 10-year downward trend appeared (labor capital stock are growing faster than the growth rate of GDP per worker).
(B) the capital - output ratio characteristics ofCapital - output ratio (K / Y) changes in the expression of a country's industrialization process, the capital - output ratio the greater the higher the level of industrialization. However, the capital - output ratio continued to improve, from the hand, reflects the "extensive" economic growth process. When the capital - output ratio began to decline, then that start with "capital deepening." When the capital - output ratio is relatively constant, in the production function would contain a positive Solow residual (Blanchard and Fischer, 1998). China's capital - output ratio changes shown in Figure 1.
Figure 1 shows, China's capital - output ratio change characteristics are as follows:First, from 1952 to 1960, the capital - output ratio is relatively low, the maximum value less than 2.5, average of only 2.067, showing an increasing trend. Note at this stage, the low level of industrialization in China, and a steady ongoing industrialization, the growth rate of capital is greater than the output growth rate, China's economy is rapidly being accumulated.
Second, from 1961 to 1977, the capital - output ratio is relatively volatile, with the average 3.343, reproduced from the trend line to see an upward trend. Note at this stage, economic output fluctuations, the rapid accumulation of capital in the period. As can be seen from the figure the capital - output ratio suddenly increased in some years, such as 1961 to 1963,1968,1976 to 1977, and 1990. This phenomenon is not caused due to sudden capital increase, but because the output power beyond the economic impact of the system caused by a sharp decline, such as three years of natural disasters, cultural revolution, "four state" period and so on. If we observe the variation trend line, you will find the capital - output ratio from 1952 to 1977 are in a growth phase, which just corresponds to the period before China's reform and opening up. This shows that China's economy has been in pre-reform period of rapid capital accumulation, this period are the "extensive" growth phase. Can also be seen from the trend line, 10 years after reform and opening up, which from 1978 to 1988, the capital-output ratio, showing a gradual downward trend, and this period, China's rapid economic growth in the period, indicating that, in this During the Chinese economy to improve capital efficiency in the year, Zhang (2002) believes this is "accumulated by the new configuration to the suppression of the department, through the correction of distortions at the margin of economic structures and ways to promote the growth of output "and as" incremental reform. " But this "incremental reform" eventually reached in 1988 after the great capital efficiency, and therefore, we can see from the trend line after 1989, China's economic capital - output ratio to the emergence of new wave, and downward trend, but this volatility compared with the pre-reform has been very small, from a view that the capital - output ratio is constant.
|