THE FIFTH ASIAN DRAGON: SOURCES OF GROWTH IN GUANGDONG, 1979-1994
This paper presents a growth accounting exercise to uncover the sources of spectacular growth in the Guangdong Province in China, the so-called "Fifth Dragon" in Asia, for the post-open-door period 1979-1994. A large fraction of Guangdong's output growth cannot be attributed to the growth in its capital and labor inputs. Of the unexplained residuals, foreign direct investment is a significant growth-spurring engine while export expansion is not. In this sense, China's open door policy did not generate export-led growth although it did stimulate capital accumulation through the importation of foreign capital. Copyright 1998 Western Economic Association International.
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