New Estimates of China’s Infrastructure and Non- Infrastructure Capital Stocks and Their Output Elasticities

5月 24, 2017

Jin Ge (金戈)

School of Public Finance and Taxation, Zhejiang University of Finance and Economics, Hangzhou, China

Graduate School of Economics, Kyoto University, Kyoto, Japan

Abstract: This paper classiﬁes total ﬁxed capital into three categories, namely, economic

infrastructure capital, social infrastructure capital and non-infrastructure capital, and then

offers complete and detailed estimates of the national time series data (1981-2012) and the

provincial panel data of 31 administrative regions (1997-2012). On this basis, this paper

estimates the output elasticities of the three categories of capital and then tests whether or

not the production function of China shows constant returns to scale.

Keywords: economic infrastructure capital, social infrastructure capital, non-

infrastructure capital, output elasticity

JEL Classiﬁcation Code: E22, H54, C82