Fixed Investment and Economic Growth in China

Andy C C Kwan, Yangru Wu () and Junxi Zhang

Economic Change and Restructuring, 1999, vol. 32, issue 1, 67-79

Abstract: This paper attempts to investigate empirically the investment-growth relationship in China. Using the exogeneity framework pioneered by Engle et al. (1983) and Engle and Hendry (1993), we find that fixed investment is a key determinant of China's economic growth, which, surprisingly, has not been rigorously examined in the literature. The super exogeneity test results suggest that there exists a robust (or structurally invariant) relationship between capital formation and income growth, thereby giving credence to policy evaluation. Copyright 1999 by Kluwer Academic Publishers

Date: 1999
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