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<p>This study employs the KLEMS framework to analyze the sources of China’s economic growth from a supply-side perspective, measuring TFP and decomposing it into industries to identify sectoral contributions. By integrating resource reallocation effects into the analytical framework, the paper examines their impacts on TFP dynamics so as to investigate the causes behind China’s TFP slowdown since 2008. The findings reveal that compared to the 1978–2007 period, China’s GDP growth rate declined by 2.6% points during 2008–2018, with TFP growth accounting for a 2.0% points reduction. Notably, declining TFP growth in downstream manufacturing sectors and the service industry emerged as primary industrial sources of this TFP slowdown. Concurrently, diminishing resource reallocation efficiency explained one-third of the overall TFP growth deceleration.</p>

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Understanding the slowdown of china’s total factor productivity since 2008 from a supply-side perspective∗

  • 期刊论文

  • 发表日期：

    2026年2月19日

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  • Zhan Li,
  • Jinghong He

摘要

This study employs the KLEMS framework to analyze the sources of China’s economic growth from a supply-side perspective, measuring TFP and decomposing it into industries to identify sectoral contributions. By integrating resource reallocation effects into the analytical framework, the paper examines their impacts on TFP dynamics so as to investigate the causes behind China’s TFP slowdown since 2008. The findings reveal that compared to the 1978–2007 period, China’s GDP growth rate declined by 2.6% points during 2008–2018, with TFP growth accounting for a 2.0% points reduction. Notably, declining TFP growth in downstream manufacturing sectors and the service industry emerged as primary industrial sources of this TFP slowdown. Concurrently, diminishing resource reallocation efficiency explained one-third of the overall TFP growth deceleration.