PRC Industrial Policies Postdate Rather Than Lead Economic Activity

Carsten Holz

No 8097, CESifo Working Paper Series from CESifo

Abstract: Industrial policies are widely credited with upgrading the economic structure of the People’s Republic of China (PRC) and advancing its economy towards and beyond the current technological frontier. Yet the data suggest that the PRC’s economy-wide investment patterns—with investment embodying technological progress—are largely divorced from industrial policies, and, if anything, predate them. The significant shifts in investment across sectors and ownership forms that have taken place since the early 2000s are driven more by profitability considerations and private entrepreneurship than by government policies.

Date: 2020
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