@techreport{NBERw15500, title = "Human Capital In China", author
= "Haizheng Li and Barbara M. Fraumeni and Zhiqiang Liu and
Xiaojun Wang", institution = "National Bureau of Economic
Research", type = "Working Paper", series = "Working Paper
Series", number = "15500", year = "2009", month = "November",
doi = {10.3386/w15500}, URL =
"http://www.nber.org/papers/w15500", abstract = {In this paper
we estimate China's human capital stock from 1985 to 2007 based
on the Jorgenson-Fraumeni lifetime income approach. An
individual's human capital stock is equal to the discounted
present value of all future incomes he or she can generate. In
our model, human capital accumulates through formal education as
well as on-the-job training. The value of human capital is
assumed to be zero upon reaching the mandatory retirement ages.
China's total real human capital increased from 26.98 billion
yuan in 1985 (i.e., the base year) to 118.75 billion yuan in
2007, implying an average annual growth rate of 6.78%. The
annual growth r