Which of the following reasons can at least partially explain the remarkable long spell of fast growth in Chinese economy, especially the features of China’s growth performance which contrasted with the performance of Central European economies?

Question

Answer

Ability to achieve much more efficient allocation of new investment than in other countries.

Answer

Gradual reallocation of labor from low productivity jobs (countryside: agriculture) to more productive activities.

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The presence of soft budget constraints which supported the profit-based motivation even in state-owned companies.

Answer

Initial situation, i.e. fairly low initial level of output per capita and capital endowment of labor.

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Which of the following reasons can at least partially explain the remarkable lon...

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