Capital deepening: the only way towards higher productivity and income  

作　　者：殷醒民 

机构地区：[1]Professor with China Center for Economic Studies,Fudan University

出　　处：《China Economist》2009年第4期112-120,共9页中国经济学人（英文版）

基　　金：the key program Empirical Research of China's Strategies on Industrial Technology Innovation and Policy Options under the Key Research Center of Cultural and Social Sciences of the Ministry of Education;sponsored by the"regional"subprogram of the Research and Innovation Center of Fudan University on the International Competitiveness of the Chinese Economy

摘　　要：Technological progress is the main driver of labor productivity in manufacturing industries. But it is capital accumulation that makes such progress possible. In the early 21st century, China’s manufacturing entered a process of capital deepening, in which labor productivity improvement is based on the increase of per capita assets. Capital accumulation in technical industries has created higher labor productivity and enabled phenomenal growth of new technology industries, contributing to the rapid and all-round growth of manufacturing industries as a whole. This is the real premise of China’s sustained economic growth over the past ten years.Technological progress is the main driver of labor productivity in manufacturing industries. But it is capital accumulation that makes such progress possible. In the early 21st century, China’s manufacturing entered a process of capital deepening, in which labor productivity improvement is based on the increase of per capita assets. Capital accumulation in technical industries has created higher labor productivity and enabled phenomenal growth of new technology industries, contributing to the rapid and all-round growth of manufacturing industries as a whole. This is the real premise of China’s sustained economic growth over the past ten years.

关 键 词：CAPITAL ACCUMULATION Manufacturing structure Economic growth SECTOR ADVANTAGE 

分 类 号：F124[经济管理—世界经济]