This paper accounts for China’s economic growth since 1980 in a unified endogenous growth model in which a sequencing … of physical capital accumulation, human capital accumulation and innovation drives the rise in China’s aggregate income … can generate a trajectory that accords well with the different stages of development in China. …

The recent increase in Chinese house prices has led to concerns that China is vulnerable to asset price shocks. In this … disconnected from fundamentals. Thus, the evidence for speculative house price bubbles in China is in general weak. …