The Return to Capital in China
---- Acknowledgments ----
We are grateful to Jessy Zhenjie Qian for excellent research assistance. We thank Olivier Blanchard, Richard Cooper, and other Brookings Panel participants for helpful comments. We also thank Xianchun Xu from China's National Bureau of Statistics for helpful discussions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.