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<p>This paper adopts KLEMS method to measure TFP and decomposes the economy-wide resource reallocations into the growth rate of factor inputs and service prices at industry level to explore the contribution of individual industries to the overall resource reallocation and its causes, and takes the United States and Japan as references to explore the lessons for the development of China’s TFP. The combined reallocation of resources dominated by significant positive labor reallocation contributes 36% of China’s TFP growth rate through 1978 to 2018, which is larger than 12% in the United States and − 14% in Japan. Due to a large number of capital flows into some service sectors with low return to capital, the combined capital reallocation is negative in China while it is positive in the United States. The outflow of a large amount of labors from the agricultural sector where the return to labor is low makes the positive reallocation of labor input brought about by the agricultural sector to be evident in China and Japan. The reallocations of capital and labor inputs brought about by industrial sectors in three countries are relatively insignificant. The high-developed market mechanism in the United States may promote the efficient allocation of resources.</p>

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Industry Origins of Resource Reallocation in China: Lessons from International Comparisons with the United States and Japan

  • 期刊论文

  • 发表日期：

    2026年7月14日

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  • Zhan Li,
  • Jinjin Zhao,
  • Jinghong He

摘要

This paper adopts KLEMS method to measure TFP and decomposes the economy-wide resource reallocations into the growth rate of factor inputs and service prices at industry level to explore the contribution of individual industries to the overall resource reallocation and its causes, and takes the United States and Japan as references to explore the lessons for the development of China’s TFP. The combined reallocation of resources dominated by significant positive labor reallocation contributes 36% of China’s TFP growth rate through 1978 to 2018, which is larger than 12% in the United States and − 14% in Japan. Due to a large number of capital flows into some service sectors with low return to capital, the combined capital reallocation is negative in China while it is positive in the United States. The outflow of a large amount of labors from the agricultural sector where the return to labor is low makes the positive reallocation of labor input brought about by the agricultural sector to be evident in China and Japan. The reallocations of capital and labor inputs brought about by industrial sectors in three countries are relatively insignificant. The high-developed market mechanism in the United States may promote the efficient allocation of resources.