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China’s GDP Growth: 1952-2005. Economics Statistics Project
Statistics Project Instructions:
must using the data to analyze and complete the problem in the attachment in excel and word document.analyzes China’s GDP growth rates during the period 1952-2005, not an assignment that answers five questions.
ECN 310 The Chinese Economy Essay Three Instructor: Mengxiao Liu 1 ECN 310 Essay Three China’s GDP Growth Decomposition: 1952-2005 Due Date: Midnight on Sunday, November 17th, 2019, via Turnitin on Blackboard The end of this document contains further instructions. Please read. Length requirement: 1500-2000 words. In Lecture 7 (slides 47-51), we studied a Cobb-Douglas production function:
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China’s GDP Growth Decomposition: 1952-2005
Name
Institution
Date
China’s GDP growth rates during the period 1952-2005,
Period
GDP growth
Fixed Capital
Labor
Human capital
TFP
1955-1965
3.80%
5.20%
1.40%
2.00%
0.40%
1966-1976
4.20%
7.50%
2.40%
3.10%
-0.80%
1978-1990
8.90%
8.30%
3.00%
3.90%
3.20%
1991-1999
10.60%
10.40%
1.10%
1.70%
5.10%
2000-2005
9.50%
12.60%
1.00%
1.80%
3.10%
Contribution to Measured GDP Growth from
Period
Fixed Capital
Labor
Human capital
TFP
1952-1978
54.0922
0.00%
31.0379
14.8700
1952-1957
12.7809
0.00%
14.8433
72.3758
1957-1978
69.3933
0.00%
37.0361
-6.4294
1978-2005
43.6934
0.00%
16.2027
40.1039
1978-1995
37.5241
0.00%
19.2734
43.2025
1995-2005
55.0142
0.00%
10.5678
34.4180
Contribution to Measured GDP Growth from
Period
Fixed Capital
Labor
Human capital
TFP
1955-1965
59.7649
0.00%
30.8775
9.3576
1966-1976
77.0830
0.00%
41.5284
-18.6114
1978-1990
39.8138
0.00%
24.6520
35.5342
1991-1999
42.4481
0.00%
9.3248
48.2271
2000-2005
57.1022
0.00%
10.6205
32.2773
China's economy has grown at high rates in the past four decades , which have improved the country’s economy and economic power. In the period 1952 to 1978, the growth rate was 4.7%, and form 1978 then on to 2005 the growth rate has averaged above 8%. Considering the decade by decade growth from 1955-1965 the growth rate was 3.8% and increased to 4.020% in the period 1966-1976. From the 50’s to 1978 the growth model was mainly based on central planning and China still remained a relatively poor country. 1978 was a year of reforms, and the growth rate accelerated as it was 8.90% in 1978-1990, then 10.60% in 1991-1999 and 9.50% in 2000-2005.
The characteristics of the Chinese growth model since the beginning of the 1978 reforms reflect changes in the Chinese the economy 1952 to 1978, China's economic growth was similar to the world average, but the gradual growth is notable for being high in the 2000s decade as growth ranged from 8.30% to 10.09%. Since 1978, the Chinese economy has been a mixed one rather than on a centrally planned economy as was the case from 1949-1978. The fixed capital grew gradually as it was 8.30% in 1978 compared to 5.20% in the 1955-1965 periods.
GDP at 2005 current prices has increased as reflected by the economic growth rate and increase in the total-factor productivity (TFP) for more than five decades. The growth of the Chinese economy is based on four key fac...
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