Bai, Chong-En; Hsieh, Chang-Tai; Qian, Yingyi - In: Brookings Papers on Economic Activity 37 (2006) 2, pp. 61-102
China’s investment rate is one of the highest in the world, a fact that leads one to suspect that the return to capital … in China must be quite low. Using data from China’s national accounts, this paper estimates the return to capital in … China. We find that the aggregate annual return to capital averaged 25 percent during 1978-93, fell during 1993-98, and has …
