After impressive growth in the 2000s, China's productivity has more recently stagnated. We use firm-level data to … analyze productivity and firm dynamism trends from 2003 to 2018. We document six facts that together show a decline in China … explaining China's sluggish TFP growth and that SOE reform could boost productivity growth indirectly by stimulating business …

and have a lower average product of capital than non-SOEs. These productivity differences increased between 2002 and 2009 … potential productivity gains from reforms which could equalize the marginal products of listed SOEs and listed non-SOEs …

Based on a survey that we designed and that covers a stratified random sample of 12,400 firms in 120 cities in China … regions and sectors. By our calculation, if China succeeds in allocating its capital more efficiently, it could reduce its …

Widespread implicit guarantees and interest ceilings were major distortions in China's financial system, contributing …

This paper examines whether the rapid growing firm patenting activity in China is associated with real economic outcome …, and more interestingly, total factor productivity and new product revenue share. Event studies using first-time patentees … (SOEs) on average have lower level of productivity and are less innovative compared to their non-state-owned peers …

Nonviable 'zombie' firms have become a key concern in China. Using novel firm-level industrial survey data, this paper … vulnerabilities and low productivity. As a group, zombie firms and SOEs account for an outsized share of corporate debt, contribute to …