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Revised Estimation of China’s Infrastructure Capital Stock
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TitleRevised Estimation of China’s Infrastructure Capital Stock  
AuthorHu Lipeng, Fan Gang and Xu Jianguo  
OrganizationPeking University;; 
Key WordsInfrastructure investment; Infrastructure stock; Status quo of infrastructure 
AbstractWe revise Jin (2012)’s estimation of infrastructure capital stock. The revision includes rectifying the statistic caliber of infrastructure investment so that data before and after 2003 are comparable, and new estimation of depreciation rate and infrastructure capital stock of base year. Comparing to our estimation, there are significant errors in both country level and provincial level with Jin (2012)’s estimation. Based on the new estimation of infrastructure stock, we finds that the contribution of infrastructure to GDP growth is 8% from 1978 to 2012. Ever since 1990s, the growth rate of infrastructure stock is much higher than growth rate of GDP. And the proportion of infrastructure stock in capital stock rose before 2002 but declined after 2002. Growth rate of infrastructure investment, proportion of infrastructure stock in capital stock, and infrastructure product ratio in Western China are higher than those in Central and Eastern China. Infrastructure stock per capita in Central China is higher than that in Eastern and Western China. We should invest more in the infrastructure of Eastern and Central China.  
Serial NumberWP1021 
  • Institute of Economics, Chinese Academy of Social Sciences
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