This chapter explains how China has now entered a phase of high quality growth that focuses on sustainable development and benefits to the entire country, many of which are not counted in the GDP. Because many studies on Total Factor Productivity rely on macroeconomic data such as the GDP, which ignores outputs other than those that carry a price tag and are traded in markets, their conclusion that China's TFP growth has slowed down is wrong. While there are many challenges facing China today, with an attitude of pragmatism and humility, China's leadership will correct past policy errors and continue to embark on a path of sustainable development.
|Original language||Chinese (Simplified)|
|Title of host publication||理解中国的经济崛起 : 上 : 源起、模式与特色|
|Editors||郭益耀, 陈钊, 冯曲|
|Place of Publication||上海|
|Number of pages||22|
|Publication status||Published - Jul 2023|
- Total Factor Productity