our key results to alternative data sets. -- China ; investment ; growth ; productivity ; capital market distortions …China has achieved impressive growth over the last three decades. However, there has been debate over the sources of … quantifying their contributions to growth. In this paper, we develop a three-sector dynamic model to quantify the sources of China …

data from China and an equilibrium quantitative framework that features the sorting of workers across locations and … substantial negative effects on agricultural productivity and structural change, raising the share of households operating farms … by almost 30 percentage points and depressing agricultural productivity by more than 10 percent. Quantitatively, land …