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Using a panel of China’s 31 provinces over 19782008, we examine the effects of entrepreneurship on economic growth in the context of China’s transformation from a centrally planned to a market-oriented economy. We divide entrepreneurship into two types: one is business creation and the other is innovation. Our GMM estimation results show that both types of entrepreneurship have significantly positive effects on growth rate of China’s GDP per capita over the sample period. Specifically, annual growth rate will increase by 0.8-1.4 percentage points if business creation entrepreneurship (measured by non-public employment share in total urban employment) increases by 10 percentage points. And annual growth rate will increase by 0.12-0.16 percentage points if innovation entrepreneurship (measured by number of patents granted) increases by 10 percent. Our results are robust even when we control for different sets of demographical and institutional variables. China’s experience shows that an authoritarian political regime does not conflict with entrepreneurs’ role. Keywords—business creation; China; economic growth; entrepreneurship; innovation JEL Classification: L26, O15, O53

Business Creation, Innovation, and Regional Development: Evidence from China’s Thirty-Year Economic Transition