China has achieved impressive growth over the last three decades. However, there has been debate over the sources of … the growth, and the role of the intensive versus extensive margin. Growth accounting exercises at the aggregate level … have been doubts about the contribution of TFP improvements to growth. For the period between 1978 and 1998, Young (2003 …

productivity growth is accounted for by the deepening process of financial development. Towards this end, an appropriate … measurement of financial depth is constructed and then included as a determinant of productivity growth. It finds that a … significant and positive nexus exists between financial deepening and productivity growth. Given the divergent pattern of …