Abstract
A model consisting of a consumption function and an investment function is used to explain Chinese annual data in constant prices from 1953 to 1982. The data confirm Robert Hall's version of the permanent income hypothesis and the accelerations principle. Deviations of the observations from predictions of this model are attributed to political factors, including the Great Leap Forward in 195962, the Cultural Revolution in 1967-68, and the special government policies in 1978 and 1981.
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