Abstract
This paper re‐examines the Lardy—Donnithorne debate in the provincial context of Guangdong. The study period is from 1949 to 1992. In the first place, the adequacy of provincial capital investment is evaluated against its population and national income shares. Secondly, it examines the capital construction investment from the administrative perspective with capital construction projects classified into central, ministry‐supported and local projects. Thirdly, it looks at the relationship from the financial perspective through a breakdown of capital construction investment by sources of investment funds, that is, state appropriation, domestic loans, foreign investment and self‐raised funds and others. Fourthly, the central‐local relationship is scrutinized through the fiscal relationship between the central and Guangdong governments. Lastly, extra‐budgetary funds data, whenever available, are also analyzed. The paper finds that the centripetal and centrifugal forces in Guangdong have always been in dynamic and precarious balance both before and after the Open Policy.
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