New Directions in Regional Economic Development The Role of Entrepreneurship Theory and Methods, Practice and Policy
The Role of Entrepreneurship Theory and Methods, Practice and Policy
Edited by Sameeksha Desai, Peter Nijkamp and Roger R. Stough
Chapter 8: Explaining China’s Economic Growth: Does Entrepreneurship Matter?
8. Explaining China’s economic growth: does entrepreneurship matter? Junbo Yu, Shaoming Cheng and Roger R. Stough 8.1 INTRODUCTION Entrepreneurship has been gradually incorporated into neoclassical economic analyses and widely accepted as one of the most important factors for economic growth. Strong empirical evidence of the significant impact of entrepreneurship on economic performance has been found at the firm establishment level (Audretsch, 1995; Caves, 1998; Sutton, 1997) and at the country level, particularly in Organisation for Economic Cooperation and Development (OECD) countries (Audretsch and Fritsch, 2002; Audretsch and Keilbach, 2004, 2005; Fritsch, 1997). However, the existing literature has not paid close attention to two urgent questions. The first one is: ‘How does entrepreneurship endowment and entrepreneurship policy shape regional economies’: and the other is: ‘To what extent does entrepreneurship development contribute to economic growth in transitional countries.’ The purpose of this chapter is, therefore, to provide analysis on how entrepreneurship has contributed to regional economic growth in China, the largest transitional country, from a planned to a more market-oriented economy. This chapter focuses on China’s provincial economic growth from 1996 to 2001, and entrepreneurship is explicitly included into an aggregate production function to test empirically for its contribution to growth. This chapter is important because it complements earlier literature and provides a theoretical and methodological foundation for future comparative studies. This chapter is also important because it offers a timely evaluation of China’s previous entrepreneurship development policies and performance, and thus provides valuable insights for China’s ongoing and future policy adjustment...
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