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Article

Study of the Relationship between Government Expenditures and Economic Growth for China and Korea

1
Department of Sinology, Soonchunhyang University, 22 Soonchunhyang-ro, Shinchang-myeon, Asan-si, Chungcheongnam-do 31538, Korea
2
Department of Economics and Statistics, Korea University, 2511 Sejong-ro, Sejong 30019, Korea
3
Department of Economics, Korea University, 2511 Sejong-ro, Sejong 339-700, Korea
*
Author to whom correspondence should be addressed.
Sustainability 2019, 11(22), 6344; https://doi.org/10.3390/su11226344
Received: 14 October 2019 / Revised: 8 November 2019 / Accepted: 9 November 2019 / Published: 12 November 2019
On October 18, 2017, Chinese President Xi Jinping presented the blueprint for building a modernized socialist nation through the realization of the Xiao Kang (every nation enjoys a peaceful and affluent life; it is meaningless to eliminate the poor) social construction at the 19th Congress of China. Subsequent to the 2008 financial crisis, the world has moved on to the new economic status of the “new normal”. China has also entered the era of Xinchang Thai, which is moving from the high-growth to the moderate-growth phase. Therefore, the government of China emphasizes privatization, liberalization, and deregulation. China is also influenced by government policies due to the nature of socialism. This study confirms China’s current stage of economic development, based on Barro’s theory. Thus, we use a quantile regression model and examine the correlation between economic growth and functional classification of government expenditure during Xi Jinping’s term of office. Furthermore, we selected Korea as a comparative country, as the two countries have common features. View Full-Text
Keywords: Xinchang Thai; quantile regression; functional classification of government expenditure; Xiao Kang Xinchang Thai; quantile regression; functional classification of government expenditure; Xiao Kang
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MDPI and ACS Style

Lee, J.C.; Won, Y.J.; Jei, S.Y. Study of the Relationship between Government Expenditures and Economic Growth for China and Korea. Sustainability 2019, 11, 6344. https://doi.org/10.3390/su11226344

AMA Style

Lee JC, Won YJ, Jei SY. Study of the Relationship between Government Expenditures and Economic Growth for China and Korea. Sustainability. 2019; 11(22):6344. https://doi.org/10.3390/su11226344

Chicago/Turabian Style

Lee, Jong C., Yi J. Won, and Sang Y. Jei. 2019. "Study of the Relationship between Government Expenditures and Economic Growth for China and Korea" Sustainability 11, no. 22: 6344. https://doi.org/10.3390/su11226344

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