CAPITAL FORMATION AND ECONOMIC-GROWTH IN CHINA

First, production functions are estimated for China's aggregate econom y and for the five sectors-agriculture, industry, construction, transp ortation, and commerce-using annual data (some constructed by the auth or) from 1952 to 1980. Then, this paper measures the contribution of c apital formation to the growth of these sectors, the effects of the Gr eat Leap Forward of 1958-1962 and of the Cultural Revolution of 1966-1 976 on outputs, the impact of economic reforms since 1979 on growth, t he rates of return to capital, and the effects of sectorial growths on relative prices.