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    China's human capital investment - ScienceDirect

    • This paper discusses human capital investment in China. China's current policies favor physical capital investment over schooling and urban human capital investment over rural human capital investment. Curre… 展开

    1. Introduction

    In 1995, China, at all levels of government, spent about 2.5% of its GDP on investment in s… 展开

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    2. The benefits of human capital investment

    When economists first began to measure the sources of economic growth, what previously had been considered an unexplained residual was shown to be attributable to hu… 展开

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    3. Underinvestment in human capital? Inefficient geographical distribution of human investment?

    There is a low level of public support for education in most provinces of China. Since schooling is mostly funded at the local level, rich provinces tend to produce more human cap… 展开

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    4. Returns to education in China

    In discussing rates of return to education, it is important to recognize that there are benefits to education that are not directly captured by individuals. These spillovers are likely to be q… 展开

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    5. Policies to foster human capital and promote economic growth

    The low level of compensation accorded to education relative to its large direct effect on measured output is evidence of distortions in overall policy. Current policy reduces the ince… 展开

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    Is China promoting physical capital over human capital?
    Current Chinese policy tends to ignore this fundamental rule not only by promoting physical capital investment over human capital investment, but also by restricting the flow of resources across regions and investing in education at different rates in different regions and by investing in physical capital in an imbalanced fashion.
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