Rebalancing Growth in Asia: Economic Dimensions for China by International Monetary Fund

Author:International Monetary Fund
Language: eng
Format: epub
ISBN: 9781455261321
Publisher: International Monetary Fund
Published: 2010-08-15T00:00:00+00:00

Figure 4.3 Investment-to-GDP Ratio, 2004-08

Source: IMF, World Economic Outlook.

Exports and investment have been encouraged by significant cost advantages from the low cost of capital, the low costs of utilities, pollution, energy, and land, tax incentives, and a substantial undervaluation of the exchange rate. However, there have also been rapid gains in relative productivity in the manufacturing sector, and we estimate that total factor productivity (TFP) growth averaged 6½ percent annually during 2002-07. For the economy as a whole, we estimate productivity growth at an average of 3⅓ percent during the same period, which is about three times the OECD average.2

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