How productive is Chinese industry

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Presentation transcript:

How productive is Chinese industry How productive is Chinese industry? By Harry Wu and Xinpeng Xu Comments by Marcel Timmer, University of Groningen What’s new? New Data, 1952-2000, 23 industries on Labour, capital and output Alternative growth accounting

New Data Output: official 12% (1978-1997), alternatives: 5-9%. This study uses 1987 IO-table for value added plus series on commodity quantities Capital: no official data on deflators & types. problem of residential assets confusion on work in progress low official depreciation rates This study: PIM on 3 types with geometric depreciation Labour: no official data on hours, non-industrial workers, and series on employees are inconsistent. This study provides 280 types.

Output and input growth

How to calculate TFP? Parametric vs non-parametric: annual TFP growth by industry econometric problems loosen up neo-classical assumptions This study: hybrid approach. Non-Parametric with estimated coefficients pre-reform: 0.43 K-share, 0.42 L-share post-reform: 0.63 K-share, 0.17 L-share Especially in capital-intensive manufacturing decreasing returns to scale

Questions Role of intermediate inputs? (Source for labour compensation?) (Also in non-parametric approach non-neutral technological change can be estimated) Role of intermediate inputs? Econometric problems (Griliches and Mairesse, 1995): stationarity problems State vs non-state sector is highly interesting, but requires more data.