Causality (cause-result)

Shenzhen

Hong Kong

Obs

F-Statistic

Prob

Obs

F-Statistic

Prob

TFP growth rate-

Employment proportion growth rate

9

5.5287

0.0706*

9

0.0157

0.9845

Employment proportion growth rate -

TFP growth rate

0.3676

0.7136

1.7641

0.2823

Employment proportion growth rate -

Labour costs growth rate

10

0.1961

0.6712

10

16.5130

0.0048***

Labour costs growth rate-

Employment proportion growth rate

0.4207

0.5373

0.9835

0.3544

Labour costs growth rate -

Economic growth rate

9

5.5287

0.0706*

9

0.0157

0.9845

Economic growth rate -

Labour costs growth rate

0.3676

0.7136

1.7641

0.2823