Human Capital in China 2023
The report estimates and describes the distribution and development of human capital in China. We use a large amount of data and a variety of methods to measure human capital comprehensively and systematically at national and provincial levels in China, and construct a number of human capital indexes. In addition to traditional measures based on education level, we adopt the widely used Jorgenson-Fraumeni income calculation method (hereinafter referred to as “J-F method”) to estimate the stock of human capital in China. Compared with traditional measurement methods (such as education level), J-F method can reflect the situation of human capital in a more comprehensive way. Due to lack of relevant data, J-F method cannot be directly applied to China. Based on human capital theory, we combine micro-survey data, provincial-level data and Mincer equation to improve J-F method, which greatly increases the feasibility and rationality of applying the method to Chinese data.