رشد سرمایه گذاری ثابت بخش دولتی و غیر دولتی در چین

This paper is an empirical attempt to (i) identify whether state fixed capital is a complement or a substitute to non-state sector inputs, and to (ii) quantify the marginal contribution of state fixed capital to non-state sector industrial output at both the national and provincial level in China during the 1978–2000 period. The main result, based on impulse responses derived from vector auto-regression models, indicates that state fixed capital formation complements non-state sector inputs and positively affects industrial output at both the national and provincial level. The results support the central and provincial governments’ policy of sustained state fixed capital formation.