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markets function in China, one realizes how misleading such a conclusion would be, even for historical analysis of educational policy.
物资本投资与人力资本 投资之间相对高的比率 也许是合适的。 可一旦了解到中国劳动 市场的运行方式，就会 认识到这种结论是多么 具有误导性，即使从教 育政策的历史分析角度 来看。
reflect the value of human capital. The low levels of education reduces the productivity of capital. A more balanced fashion in both human and physical capital will be more efficient.
和 B 进行比较 compare A to B :把 A 比作 B noncoastal：非沿海地 区 reduce … by half：减少 一半 you can reduce the
expenditure by half.
你的费用可以减半.
An imbalanced policy
歪曲的；受到曲解的;v. 歪曲（distort的过去式 和过去分词）；曲解； 扭曲；使变形. The newspapers gave a distorted account of what had happened. 媒体对所发生的事作了 歪曲的报道。
If we compare estimates
seek to: vt. 设法;企
图;试图 balanced fashion : 平衡的方式 Enormous : adj.巨 大的;庞大的;极恶的; 凶暴的 workforce : n.全体 员工;(国家或行业等) 劳动力;劳动大军;劳 动人口
The low private rate of return in China does not truly
To give you a benchmark
给你一个基准数字作为
figure, in America and many other countries, the return rate to human capital is as high as 15% to 20%.
参照，美国和许多其它 国家的回报率高达15%到 20%。 benchmark n.基准；标准检查程序 vt.用基准问题测试
Estimating the rate of
按照西方国家经济学家
将市场工资与教育程度 return to education in 挂钩估算方式，估算中 China in the way 国的教育回报率，会发 economists do in western 现回报率在二十世纪90 economies, by relating 年代只是4%左右。 market wages to the level of schooling, one finds relate…to… that it happened to be 把…和…联系起来 about 4% in the 1990s.
Labor markets are the
劳动市场本来是给人力资
markets to price human capital services and reward people for their skills.
Wage policy in China
historically guaranteed a low rate of return to skilled a labor, and there are still many restrictions on wage setting in the labor markets.
本定价，按技能给人以回 报的市场，但中国的工资 政策长期以来给技工的回 报率偏低，而且劳动市场 上工资水平的制定还受到 很多方面的限制。 guaranteed v.担保(guarantee的过去式和 过去分词) adj.有保证的；有人担保的
So the only thing one can
that seeks to improve productivity in noncoastal regions by encouraging investment in physical capital alone is much less efficient than a policy that invests in a more balanced fashion in both. However, the direct return to education is the enormous productivity of education in the workforce in producing output.
The low private rate of
distorted: adj.扭歪的；
return does not reflect the true rate of return in the late 1980s or early 1990s. Labor markets are so distorted that wages do not reflect this true marginal contribution of educated labor to the economy.
Group 4 By Bai Dan, Li Zhe, Wang Lisi
Under-investment and Insufficient Geographical Distribution of Human Investment
By Li Zhe
China
World
<6%
10%
Psacharopoulos(1994&2002) found that the average return to education all over the world came to 10%， which in low and middle income countries was higher than it in high income countries. And before 1995 the ratio in China was under 6%, which was just half of the word average level.
因此，从对中国历史数
据分析所得取的标准的 conclude from standard 教育回报率，我能够得 rate of return to 到唯一的结论是，尽管 education analysis 在发生变化，对技能投 applied to historical 资的激励还不大。 Chinese date is that personal incentives to incentives invest in skills are low, n.激励某人做某事的事物 although this is changing. ( incentive的名词复数 );刺 激；诱因；动机
How to foster human capital and promote economic growth ?
Thank you
compare A with B:把 A
of the true productivity in education with wages paid, Chinese labor markets do not pay skill what it is worth. The low levels of education in noncoastal China reduce the productivity of capital in those regions by half.
The low rate of return does not reflect the true rate of
return in the 1990s.
Labor markets are distorted
Chinese labor markets do not pay skill what it is worth The low levels of education
This evidence suggests
Baidu Nhomakorabea
这种数据暗示在中国实
that the relatively high ratio of physical capital investment in China might be appropriate.
Understanding how labor
Paragrah16 mainly tell us:
The return to education in China is much lower than
America and many other countries. Labor markets in China cannot price human capital reasonably. Personal incentives to invest in skills are still not enough.
Policies to Foster Human Capital and Promote Economic Growth By Wang Lisi
China
America and many other countries
4%
15% - 20%
The rate of return to education in the 1990s Is that real？
