Brandt, Loren; Litwack, John Michael; Mileva, Elitza; … - 2020
growth has declined markedly in recent years. This paper extends previous macro and firm-level studies to show that domestic … allocation to more productive firms were associated with slower manufacturing total factor productivity growth. Earlier reforms … lower returns to capital, a rapid buildup in debt, and higher risks to growth. China's growth potential remains high, but …