Since reform and opening-up in 1978, changes in China's industrial structure have generally followed the pattern of "Kuznets facts" but still exhibits some unique characteristics, which led us to raise t...Since reform and opening-up in 1978, changes in China's industrial structure have generally followed the pattern of "Kuznets facts" but still exhibits some unique characteristics, which led us to raise the following three questions regarding China's structural transformation:(1) Why did the share of China's agricultural and manufacturing employment reduce/increase intermittently rather than continuously?(2) Why did the share of China's agricultural employment increase during certain periods? When the share of manufacturing employment reduced, why did the workforce reversely flow into agriculture rather than move to the service sector?(3) Why did growth in the share of China's service sector employment decelerate before reaching its peak? Why did the share of employment in the industrial sector suddenly increase after an abrupt decline? This paper creates a multisector economic growth model that contains non-homothetic preferences and differentiated productivity, and incorporates the "two drivers" therein for a demand-side estimation and analysis. The result shows that China's economic growth model driven by net export and investment is a critical factor for explaining the three questions regarding its structural transformation. This paper believes that only by implementing supply-side structural reforms, reducing the dependence on net export and investment, and achieving sustainable endogenous economic growth will China be able to expedite its industrial restructuring.展开更多
Based on China's industrial enterprises-customs matched data, this paper utilizes two-tier stochastic frontier analysis method to estimate and verify the extent to which selection effect and competition effect inf...Based on China's industrial enterprises-customs matched data, this paper utilizes two-tier stochastic frontier analysis method to estimate and verify the extent to which selection effect and competition effect influence exporting firms' markup. Our findings suggest that the interaction between selection effect and competition effect ultimately causes actual firm markup to be higher than the baseline markup by 7.11%. Exporting firms' actual markup is higher than the baseline markup by different degrees. In terms of the decomposition of selection effect, TFP explains for 28.05% of selection effect, and nonproductivity factors explain for the rest 71.95%. By controlling for the type of firms' export,the export-productivity paradox only exists for processing trade firms, which shows that with increasing trade facilitation, the policy incentives to encourage firms to export are major contributors to the low export markups.展开更多
文摘Since reform and opening-up in 1978, changes in China's industrial structure have generally followed the pattern of "Kuznets facts" but still exhibits some unique characteristics, which led us to raise the following three questions regarding China's structural transformation:(1) Why did the share of China's agricultural and manufacturing employment reduce/increase intermittently rather than continuously?(2) Why did the share of China's agricultural employment increase during certain periods? When the share of manufacturing employment reduced, why did the workforce reversely flow into agriculture rather than move to the service sector?(3) Why did growth in the share of China's service sector employment decelerate before reaching its peak? Why did the share of employment in the industrial sector suddenly increase after an abrupt decline? This paper creates a multisector economic growth model that contains non-homothetic preferences and differentiated productivity, and incorporates the "two drivers" therein for a demand-side estimation and analysis. The result shows that China's economic growth model driven by net export and investment is a critical factor for explaining the three questions regarding its structural transformation. This paper believes that only by implementing supply-side structural reforms, reducing the dependence on net export and investment, and achieving sustainable endogenous economic growth will China be able to expedite its industrial restructuring.
基金Sponsorship of the National Social Science Foundation (NSSF) Youth Project (16CJL014)the China Postdoctoral Science Special Foundation (2017T100001)
文摘Based on China's industrial enterprises-customs matched data, this paper utilizes two-tier stochastic frontier analysis method to estimate and verify the extent to which selection effect and competition effect influence exporting firms' markup. Our findings suggest that the interaction between selection effect and competition effect ultimately causes actual firm markup to be higher than the baseline markup by 7.11%. Exporting firms' actual markup is higher than the baseline markup by different degrees. In terms of the decomposition of selection effect, TFP explains for 28.05% of selection effect, and nonproductivity factors explain for the rest 71.95%. By controlling for the type of firms' export,the export-productivity paradox only exists for processing trade firms, which shows that with increasing trade facilitation, the policy incentives to encourage firms to export are major contributors to the low export markups.
