Abstract
This paper investigates China’s economic growth with respect to the growth of investment at aggregate level between 1978 and 2000, and analyzes the investment–growth nexus during the this period of high growth through the consideration and calculation of investment/GDP ratios and incremental capital-output ratios (ICORs) in real terms, with some comparison to the NIEs in East Asia. It finds that China has since realized its high growth without giving rise to an increasing proportion of investment to GDP and to a rise of ICOR. The investment efficiency was largely reaped through the rural industrialization and proliferation of small firms in non-state sector.
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