Tertiarization Like China / Xilu Chen, Guangyu Pei, Zheng Michael Song, Fabrizio Zilibotti.

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Chen, Xilu

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w30272.Publication details: Cambridge, Mass. National Bureau of Economic Research 2022.Description: 1 online resource: illustrations (black and white)Subject(s):

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Abstract: We document a process of rapid tertiarization of the Chinese economy since 2005. The employment and value-added shares of the service sector have increased significantly. Moreover, total factor productivity growth has increased faster in the service sector than in the manufacturing sector. Measures of dynamism at the firm level confirm the growing importance of tertiarization. The boom is not limited to services that are used as inputs to industrial production. Consumer services have also grown significantly in terms of both value-added share and productivity. The results are robust to different growth accounting methodologies, including the recent method proposed by Fan, Peters, and Zilibotti (2022) that gets around potentially problematic official price indexes.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w30272 (Browse shelf(Opens below))	Not For Loan

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July 2022.

We document a process of rapid tertiarization of the Chinese economy since 2005. The employment and value-added shares of the service sector have increased significantly. Moreover, total factor productivity growth has increased faster in the service sector than in the manufacturing sector. Measures of dynamism at the firm level confirm the growing importance of tertiarization. The boom is not limited to services that are used as inputs to industrial production. Consumer services have also grown significantly in terms of both value-added share and productivity. The results are robust to different growth accounting methodologies, including the recent method proposed by Fan, Peters, and Zilibotti (2022) that gets around potentially problematic official price indexes.