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| High-speed Rails and City Economic Growth in China |
| LIU Yongzheng, LI Yan
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| School of Finance/China Financial Policy Research Center, Renmin University of China |
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Abstract Using a panel dataset of 280 Chinese prefecture cities for the years 2000-2013 and the difference-in-differences estimation approach, this paper investigates the causal impact of the construction of high-speed rails on city economic growth, explores the lag effect and spatial spillover effect of the high-speed rails project. In particular, we address the endogeneity issue of the selection of high-speed rails project by utilizing instrumental estimation approach. We find that high-speed rails significantly promote economic growth of the cities, and also the high-speed rails project generates positive spillover effect on the neighboring cities. On average, the treated cities obtain a higher rate of economic growth (at a rate of 2.7 percentage points) than the control cities; and the spillover effect of the high-speed rails project brings 2 percentage points of higher economic growth rate for cities having high-speed rails in their neighboring regions than the rest of the control cities. Our further analysis also highlights that the high-speed rails promote industry upgrading and accelerate urbanization process.
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Published: 10 January 2018
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