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This partly reflects China's large pool of surplus labour, which has depressed wages relative to the economy's large productivity gains. But you might expect that if wages are low relative to the value of workers' output, firms will hire more staff, which will moderate the decline in the wage share. Instead, the growth in jobs has been unusually slow...

Instead, the growth in jobs has been unusually slow. An IMF working paper** blames this on the weak financial sector. Big firms have easy access to credit, but smaller private firms find it hard to raise finance for working capital, which in turn restricts their hiring.

Mr Kuijs stresses a potentially more important reason for the slow pace of job creation: a capital-heavy model of growth...

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