THE FIFTH ASIAN DRAGON: SOURCES OF GROWTH IN GUANGDONG, 1979–1994

Chi‐wa Yuen

Contemporary Economic Policy, 1998, vol. 16, issue 1, 1-11

Abstract: This paper presents a growth accounting exercise to uncover the sources of spectacular growth in the Guangdong Province in China, the so‐called “Fifth Dragon” in Asia, for the post‐open‐door period 1979–1994. A large fraction of Guangdong's output growth cannot be attributed to the growth in its capital and labor inputs. Of the unexplained residuals, foreign direct investment is a significant growth‐spurring engine while export expansion is not. In this sense, China's open door policy did not generate export‐led growth although it did stimulate capital accumulation through the importation of foreign capital. “East Asia has a remarkable record of high and sustained economic growth. From 1965 to 1990 the twenty‐three economies of East Asia grew faster than all other regions of the world…. Most of this achievement is attributable to seemingly miraculous growth in just eight economies: Japan; the ‘Four Tigers’—Hong Kong, the Republic of Korea, Singapore, and Taiwan, China; and three newly industrializing economies (NIEs) of Southeast Asia, Indonesia, Malaysia, and Thailand….”

Date: 1998
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