| As the imbalance of the economic development is often reflected by the regional characteristics, studying the typical developed regions would lead to fruitful conclusions which are useful to other regions. The regional economic development is influenced by many pivotal factors, such as the resource endowment the geographical superiority,the industrial structure and the technological level, etc.. Still, there remain many factors which are not integrated into the mainstream economic frame, obviously, the private entrepreneur is a kind of resource that can easily be "ignored". As a result, the connotation of the production function is not clear. Many theories, including the human capital theory and Porter's thoery about the primary and senior factors of production have been focused on solving this problem, but there still lacking of theory with strong explanatory power and empirical study for China in economic transition piriod. No one can deny that the private enterprises have become the most active propelling force and the most solid foundation for China's development in the three decades after the reform and opening up. The private entrepreneurs made great contributions in the transition period, stimulating the labor force employment and the market reform. The research on private entrepreneurs, both theoretically and practically, is of great significance for analyzing the unbalanced regional economic development in China.Jiangsu and Zhejiang provinces, located in the northern and the southern flanks of the Yangtze River Delta respectively, possess similar geographical advantages, natural resources, cultural traditions and other economic development conditions. It seems that they would seem display similar economic performances. However, our research revealed that the economic performances of the two provinces differentiated from each other to a great extent, forming a "enigma of performance". Therefore, we focused on the resource of the private entrepreneur for an in-depth analysis:First, a theoretical framework was built to show how the private entrepreneurs affected the regional economic achievements.The way and the mechanism through which the economic performance was influenced was studied afterwards. Based on the theoretical analysis, we conducted an empirical analysis using the data of these two provinces from 1992 to 2007, discovering that the different ways influenced by economic system to activate, detect and develop the private entrepreneurs are the reasons for the different economic achievements of the two provinces. More importantly, in the transition period, as the economic system imflicts a profound effect on the emergence of the private entrepreneur's potentials, the local government's role is important. Therefore, we integrated the Local government into the analytical framework of the China's impetus for economic development.Our research thoroughly analyzed the intrinsic characteristics and the further-strengthen-mechanism of the interaction between the Local governments and the private entrepreneurs, thus having a stronger explanatory power for the regional economic performance and providing a forward-looking ideas for some underdeveloped areas about how to achieve sustainable regional development. Finally, we aimed at how to tackle the international financial crisis, how to upgrade the domestic industry, and how to "transform and upgrade" the private entrepreneurs. This study also put forward some relative policy recommendations.The innovation of this study mainly includes the following three aspects:1st, the preliminary exploration has been carried out in three difficulties during the study on how to develop the potential private entrepreneurs:The first is how to measure the resources of private entrepreneurs and giving the empirical study at same time; The second is a comprehensive study of regional economic performance, focusing not only on the per capita and the historical perspective of the GDP, but also on the per capita income, the employment, the energy-saving and the emission reduction, etc.; Third, reveal the stage features of the private entrepreneurs who have dynamic capabilities.2nd, by analyzing China's regional differences in economic performance at the period of the economic restructuring with open policy, this paper revealed that the resources of the private entrepreneurs that were activated, detected and developed in different ways and to different extents, is an important factor influencing the regional economic performance. The paper thoroughly analyze such influence and its mechanism. Not only in theory, the paper also used the empirical data of Jiangsu and Zhejiang provinces to give support.3rd, Breaking the tradition of the Western economics which implies a mature market economic system conditions, this paper gave full consideration to the institutional factors on the private entrepreneurs and the impact of economic performance, as well as the role of local authorities in a large country like China, the in-depth analysis of the interaction between the local governments and the private entrepreneurs and the impact on the regional economic performance. Such benign interaction has three levels, one is for the government to provide private entrepreneurs with a permissive environment, such as low market access, a good market order, and efficient provision of public goods, etc.; Second, the government give more "support" to private entrepreneurs and avoid to "compete for profit" with them, to promote the resources of private entrepreneurs to continuously "come into being"; The third is to protect the private entrepreneurs from the system giving them a stable legitimate benefits prediction after their hard work. The formation of benign interaction will effectively enhance the efficiency of regional resource allocation, and is conducive to the regional economic performance with continued improvement. The design of the local institutional mechanisms, in particular by overcoming the degree of distortion of information, curbing rent-seeking behavior and establishing incentive-compatible mechanisms, will strengthen the formation of the benign interaction.
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