Data comparison between first moment and baseline model steady state: data from 1992 to 2015
| Average value of data | Steady-state values of the baseline value | |
|---|---|---|
| Ratio of added value of secondary industry to tertiary industry | 1.5 | 1.5 |
| Government purchase expenditure's share in GDP | 14.1% | 14.1% |
| Investment in infrastructure's share in GDP | 9.0% | 9.0% |
| Tax's share in GDP | 16.0% | 22.0% |
| Real interest rate | 4.1% | 4.2% |
| Average value of data | Steady-state values of the baseline value | |
|---|---|---|
| Ratio of added value of secondary industry to tertiary industry | 1.5 | 1.5 |
| Government purchase expenditure's share in GDP | 14.1% | 14.1% |
| Investment in infrastructure's share in GDP | 9.0% | 9.0% |
| Tax's share in GDP | 16.0% | 22.0% |
| Real interest rate | 4.1% | 4.2% |
Source(s): National Bureau of Statistics of China, Jin (2012) and the author's calculation. Among them, the “Tax's share in GDP” is defined as the ratio of government tax revenue to GDP plus deficit ratio to match the baseline model where there's no deficit and government debt; the “real interest rate” is defined as the benchmark one-year loan interest rate minus the year-on-year increase in CPI, since China had high inflation rate from 1993 to 1995, so we use the average value from 1996 to 2015
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