China’s industrial growth:capital-driven or resource-driven?

摘要

Economic growth can take different forms;growth can be resource-driven,labor-driven,capital-driven,or technology-driven.Numerous studies conclude that China’s economic growth is capital-driven.Such a conclusion is derived after excluding any effects of resource and environmental factors.In this article,resource and environmental factors are incorporated in order to stndy the influence of factors on industrial growth.This study found that resource and environmental factors contribute much more than capital to industrial growth,and China’s industrial growth is still resource-driven.The nature of China’s industrial growth also suggests that the country’s economic growth has not completely extricated itself from a resource-driven model,which in turn exerts considerable influence on the country’s macroeconomic policies.