The Estimate of Human Capital and its Contribution to Economic Growth in China

According to new growth theory,the contribution of the human capital to economic growth is great,which has been proved by a great lot empirical research.Firstly,the income approach and the education years approach are employed to estimate the stock of human capital in China.The comparison of the two results show that the latter conform better to the reality of China.Secondly,using estimate results of education years approach,Johansen test show that the output,the capital stock and the human capital stock is stochastic cointegrated.Lastly,the stock of human capital is separated to original lobar and the level of human capital,and the contribution of the human capital accumulation to the economic growth in China is researched based on the cointegration analysis.The conclusion is that the investment in fixed assets is the principal engine all the while after the reform and opening.But the contribution of the human capital accumulation to the economic growth in China has been increased remarkably.