China's Saving and Growth In 2019 GDP in China was still smaller than US GDP, but growing much faster. Let's analyze how will China's economy will fare in the next 20 years or so. (Note that using Excel, or any other software package, to answer the questions that follow will make your work much easier). Assume it is January 1, 2020 and use the Solow model to estimate economic growth in China up to 2040. Download the spreadsheet DD2-Growth.xlsx. It reports data for China's population, employment, GDP, capital stock, and educational attainment between 1975 and 2019. Educational achievement is proxied by average years of schooling. Population and employment are in millions of individuals. GDP and capital are expressed in millions of 2014 PPP-adjusted US dollars. Assume that the production function is of the form Y = AK(HL) 1, that the depreciation rate is 6% per year, and that = 0.3