重庆魅力

<正>即使在来到重庆前做了一番功课,在维基百科上和台湾的旅游指南寂寞星球搜索、了解了一下这个城市,来到这里以后仍然还是感受到了视觉,听觉,感觉上的超负荷。老实说,来重庆的前几周我都是处在迷     

HOW EFFICIENT HAS BEEN CHINA'S INVESTMENT? EMPIRICAL EVIDENCE FROM NATIONAL AND PROVINCIAL DATA

Abstract.  This paper analyses both the allocative efficiency and the dynamic efficiency of China's spending on capital. We examine the relationship between investment flows and the marginal product of capital computed by estimating the Cobb-Douglas and CES production functions at both the national and provincial levels. We also investigate dynamic efficiency by comparing the share of capital in national income and the rate of investment. The main finding is that the allocative efficiency of capital in China has improved in recent years, but the high rate of investment may be a sign of dynamic inefficiency of the Chinese economy.