Does Government’s R&D Expenditure Stimulate Economic Growth in China?
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Since its economic reform in the late 1970s, China has recorded a very rapid economic growth rate. In the meantime, the Chinese government has actively pursued R&D-promotion policies. Using time series data over the period 1982–2010, this paper applies smallsample cointegration tests, OLS and GMM estimations, and Granger causality tests to reveal the determinants of China’s rapid economic growth. We find that the government’s R&D expenditures have had a positive effect on and causes economic growth in the Granger sense. In contrast, investment, the trade dependence ratio, and the inflation rate have not caused economic growth. Our results show that China’s remarkable economic growth since the 1980s can be explained by the R&D-based endogenous-growth theory.
Abstract
Since its economic reform in the late 1970s, China has recorded a very rapid economic growth rate. In the meantime, the Chinese government has actively pursued R&D-promotion policies. Using time series data over the period 1982–2010, this paper applies smallsample cointegration tests, OLS and GMM estimations, and Granger causality tests to reveal the determinants of China’s rapid economic growth. We find that the government’s R&D expenditures have had a positive effect on and causes economic growth in the Granger sense. In contrast, investment, the trade dependence ratio, and the inflation rate have not caused economic growth. Our results show that China’s remarkable economic growth since the 1980s can be explained by the R&D-based endogenous-growth theory.
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