The Role of Structural Change: Trade, Ownership, Industry
This chapter explores some indirect determinants of China's growth success, including sectoral change, increased openness, and institutional change. All three forms of structural change are found to raise the growth rate. Each primarily represents an improvement in efficiency, moving the economy towards its production frontier. The chapter examines the growth impacts of openness (Section 7.2), institutional change (Section 7.3), and sectoral change (Section 7.4). In each of these sections the relevant theoretical and empirical literature is discussed, background information for China is provided, and empirical results are summarized. Section 7.5 concludes the chapter by considering various counterfactual simulation analyses in order to throw further light on the underlying question: why has China grown so fast?
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