As far as I can see, total factor productivity in China is quite good.

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More progress requires higher total factor productivity (TFP) growth and thus more progress on governance.

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Most of the growth, in employment, in new products, in total factor productivity, and thus in living standards comes not from extant companies continuing to invest.

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Total factor productivity, which measures how efficiently labour and capital are combined, is only 42% of the level in America, or 82% that in South Korea.

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The good news is that companies still have plenty of scope to boost productivity by reorganising their businesses to use information technology more efficiently, which could yet boost growth in total factor productivity.

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From a total factor productivity standpoint, a guide post used by economists to measure capital investment in an economy, Brazil grew 1.2 percent over the last 8 years ending 2010, while Mexico grew just 0.1 percent.

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