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Physical capital estimates for China's provinces, 1952–2015 and beyond

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  • Holz, Carsten A.
  • SUN, Yue

Abstract

Capital estimates are widely used in economic growth and productivity studies, for profitability considerations and wealth accounting exercises. Yet the calculation of “capital” frequently receives only cursory attention, despite the challenges posed by conceptual difficulties, the complexity of calculations, and the extensive data requirements. This paper (i) calculates long-run provincial (and national) physical capital series for China, (ii) distinguishes between wealth capital stock and capital services (the appropriate measure of capital for productivity studies), and (iii) applies the most recent methodology advanced by the OECD (and implemented by the U.S. Bureau of Labor Statistics and the Australian Bureau of Statistics). The complete set of data is available online and is expected to be updated on an annual basis in the future.

Suggested Citation

  • Holz, Carsten A. & SUN, Yue, 2018. "Physical capital estimates for China's provinces, 1952–2015 and beyond," China Economic Review, Elsevier, vol. 51(C), pages 342-357.
    • Handle: RePEc:eee:chieco:v:51:y:2018:i:c:p:342-357
    DOI: 10.1016/j.chieco.2017.06.007
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    References listed on IDEAS

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    1. Yanrui Wu, 2016. "China's Capital Stock Series by Region and Sector," Frontiers of Economics in China-Selected Publications from Chinese Universities, Higher Education Press, vol. 11(1), pages 156-172, March.
    2. Robert C. Feenstra & Robert Inklaar & Marcel P. Timmer, 2015. "The Next Generation of the Penn World Table," American Economic Review, American Economic Association, vol. 105(10), pages 3150-3182, October.
    3. Holz, Carsten A., 2006. "New capital estimates for China," China Economic Review, Elsevier, vol. 17(2), pages 142-185.
    4. Wang, Lili & Szirmai, Adam, 2012. "Capital inputs in the Chinese economy: Estimates for the total economy, industry and manufacturing," China Economic Review, Elsevier, vol. 23(1), pages 81-104.
    5. Gregory C. Chow, 1993. "Capital Formation and Economic Growth in China," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(3), pages 809-842.
    6. Holz, Carsten A., 2006. "Response to Gregory C. Chow's "New Capital Estimates for China: Comments"," China Economic Review, Elsevier, vol. 17(2), pages 193-197.
    7. Harry WU, 2015. "Constructing China's Net Capital and Measuring Capital Services in China, 1980-2010," Discussion papers 15006, Research Institute of Economy, Trade and Industry (RIETI).
    8. WU, Jidong & LI, Ning & SHI, Peijun, 2014. "Benchmark wealth capital stock estimations across China's 344 prefectures: 1978 to 2012," China Economic Review, Elsevier, vol. 31(C), pages 288-302.
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    Cited by:

    1. Valerio Mendoza, Octasiano Miguel & Borsi, Mihály Tamás & Comim, Flavio, 2022. "Human capital dynamics in China: Evidence from a club convergence approach," Journal of Asian Economics, Elsevier, vol. 79(C).
    2. Fernandes, Ana M. & Mattoo, Aaditya & Nguyen, Huy & Schiffbauer, Marc, 2019. "The internet and Chinese exports in the pre-ali baba era," Journal of Development Economics, Elsevier, vol. 138(C), pages 57-76.
    3. Murach, Michael & Wagner, Helmut & Kim, Jungsuk & Park, Donghyun, 2018. "Avoiding the middle-income trap: Korean lessons for China?," CEAMeS Discussion Paper Series 14/2018, University of Hagen, Center for East Asia Macro-economic Studies (CEAMeS).
    4. Murach, Michael & Wagner, Helmut & Kim, Jungsuk & Park, Donghyun, 2022. "Trajectories to high income: Comparing the growth dynamics in China, South Korea, and Japan with cointegrated VAR models," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 492-511.
    5. Li Zhao & Chu Yujing, 2020. "Endogenous Institutions and Economic Growth: Evidence from China," Financial Sciences. Nauki o Finansach, Sciendo, vol. 25(1), pages 54-77, March.

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    More about this item

    Keywords

    Capital services; Wealth capital stock; Capital concepts;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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