2008•China Economic QuarterlyRequires access

The Dynamic Efficiency of China's Capital Accumulation:1978—2005

Bingyang Lv

Abstract

This article studies the dynamic efficiency of China's capital accumulation on the basis of theoretical analysis.The following major conclusions are obtained.First,China's capital accumulation has shown dynamic efficiency.Second,the dynamic efficiency is correlated with economic fluctuations and regional economic development levels.Third,the source of dynamic efficiency is technological progress,improvements in technical efficiency,and improvements in static and dynamic allocative efficiency.The space for improvements in the dynamic efficiency is still very large when we take into account China's market-oriented reforms,late-comer advantages,and room for structural upgrading and transition in its industries.

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Key concepts: Allocative efficiency, Dynamic efficiency, China, Economics, Capital accumulation, Capital (architecture), Technological change, Microeconomics