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Summary. — China’s gradual approach to economic transition has resulted in sustained high growth. However, in recent years Chinese
economists have increasingly referred to the growth pattern as ‘‘extensive,” generated mainly through the expansion of inputs. Our investigation
of the Chinese economy during the reform period finds that reform measures often resulted in one-time level effects on total
factor productivity (TFP). China now needs to adjust its reform program toward sustained increases in productivity. Market and ownership
reforms, and open door policies have improved the conditions under which Chinese firms operate, but further institutional reforms
are required to consolidate China’s move to a full-fledged market economy.
2008 Elsevier Ltd. All rights reserved.
Key words — growth accounting, total factor productivity, economic reform, China, Asia
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