| For achieving the sustainable development of national economy, it is essential for China to adjust the structure of investment industry, optimize the industry structure, and carry out intensive operations instead of extensive operations to obtain economic growth. Though there are few specific works studying the adjustment of the investment structure in China, so far many economists and practicing professionals have done great researches on this topic. This paper argue that it has significance for China to adopt the successful experience of the "new economy" carried out in last decade, with the U.S as its representative, so as to adjust the investment structure and formulate related policies. The main purpose of this paper is to discuss how to adjust the structure of investment industry in China by drawing on the experience of "new economy" represented by the United States.The whole article consists of five chapters besides the chapter of introduction, with total words about of 180,000.Chapter I: Adjustment of the Structure of Investment Industry and Economic Growth. In a sense, the theory of economic growth is also a theory of investment. With macroeconomic and microeconomic point of view, traditional theory of economic growth mainly analyzed the importance or contribution of the factors like capital, labor and technology to the economic growth. Although technology was taken account in the analysis, it was only an external variable. This kind of study was first carried out by Adam Smith and got its maturity during the period of Harold, Domar and solow's study. A new theory of economic growth, which emphasizes the importance of knowledge, know-how, technology and human resources in the process of investment, has not comeinto being so far. The shortcoming of the existing theories is in that they all overlook the importance of the structure of investment.It is proved by the modern economic study that structural effect is an important variable that determines the economic growth and has become the main source of the development of modern economy. Hence, this chapter focuses on the study of the interrelationship between the adjustment of the structure of investment and the economic growth. It argues that the structural transformation in the process of economic growth must be brought about through investment, which is the most important means. Therefore, it is necessary to make distribution of investment to some industrial sectors and determine the leading industry on which it should invest. But it will cause inefficiency of economy if we simply pursue the high structural investment industry without restrictions.The above-mentioned idea is also proved by the empirical analysis of the economic growth after the Liberation. The empirical analysis suggests that China obviously shares the characteristic of extensive economic growth, which is typically improved by capital investment but with little efficiency. The reason of this result is in that it invested too much on the heavy industry before the Reform and on the processing industry after the Reform. Thus, this paper puts forward that to speed up the adjustment of the structure of investment industry and carry out the transformation of the way of economic growth will be a wise and feasible choice for China to achieve sustainable development of economy. Moreover, quickly adjusting the structure of investment industry becomes an imperative task of China under the situation of global economy.Chapterâ…¡: the "New Economy" and Its Enlightenment on the Adjustment of Structure of Investment Industry. As far as the connotation of the "new economy" is concerned, this chapter gives four points after analyzing the background of the "new economy" and its characteristics. First, the "new economy" has kept high economic growth, low inflation and low unemployment for a very long time, which is different from traditional economy. Second, the impetus of the "new economy" is high technology and information etc., and the mode of economic growth is intensive...
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