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A theory of economic development and dynamics of Chinese economy

机译：经济发展理论与中国经济动力

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This paper constructs a theoretical model which captures the recent slowing-down of Chinese economy. In contrast with the previous literature which largely confines its focus on the resource misallocation between inefficient state-owned enterprises (SOEs) and more efficient private firms under a closed economy setting, this paper re-examines the dynamics of the growth of Chinese economy from the perspective of an open economy. In particular, this paper incorporates heterogeneous outputs and relative prices into the model, where private firms are assumed to be the major exporters and the remaining large SOEs create increasing import demand from the home country. By adding downward sloping world demand curve, our paper predicts a turning point during the transition process, as the falling relative price for exports starts to constrain and eventually slow down the growth; SOEs begin to co-exist with private firms in the economy before it is fully transformed. Our paper provides a theoretical foundation in terms of understanding the current dynamics and institutional change of Chinese economy. Additionally, this paper also provides quantitative evidence on the effects of financial development during the China's economic transition process.
机译：本文构建了一个理论模型来捕捉中国经济最近的放缓。与以往的文献主要集中于在封闭的经济环境下低效率的国有企业（SOE）和效率更高的私营企业之间的资源分配不当相比，本文重新审视了中国经济增长的动力。开放经济的观点。特别是，本文将异类产出和相对价格纳入模型，其中假定私营企业是主要出口国，而其余的大型国有企业则增加了来自母国的进口需求。通过增加向下倾斜的世界需求曲线，我们预测了转型过程中的转折点，因为出口的相对价格下降开始限制并最终放慢了增长速度。在经济完全转型之前，国有企业开始与私营企业共存。本文为理解中国经济的当前动态和制度变迁提供了理论基础。此外，本文还提供了定量证据，证明了中国经济转型过程中金融发展的影响。

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