Research On The Innovation-driven Mechanism Of China's Quality Of Economic Growth

The quality of economic growth is a prominent problem in the process of economic growth worldwide.In recent years,with the innovation drive strategy becoming a hot spot,research on innovation and the quality of economic growth has entered a new stage.Innovation is the core element of the quality of economic growth,and the improvement of the quality of economic growth is inseparable from innovation.In the report of the 19 th National Congress of the Communist Party of China,it was clearly stated that "innovation is the first driving force for development and the strategic support for building a modern economic system." Careful analysis of the characteristics and connotations of innovation-driven,innovationdriven and economic growth quality has an excellent coupling degree.The debating on China's economic growth mode and the current innovation-driven development strategy have been effectively combined in China's economic growth quality.As China's economic growth entering a new normal,clarification of the quality of economic growth and innovation-driven connotation,analyzing the state and trend of economic growth and innovation-driven,and exploring the innovative driving mechanism of economic growth quality become a theoretical and practical problem to be solved urgently.In terms of the theoretical analysis of innovation-driven and economic growth quality,we have established a theoretical analysis framework based on innovation-driven economic growth quality based on the related theories of institutional economics and transitional economics.It mainly includes the mechanism of the impact of technological innovation on the quality of economic growth,the mechanism of institutional innovation on economic quality,the synergy of institutional innovation and technological innovation on the quality of economic growth.Technological innovation mainly improves the quality of economic growth by improving growth efficiency,optimizing economic structure,reducing resource consumption and reducing environmental pollution.Institutional innovation mainly analyzes government intervention,factor market distortions and non-state-owned economic development.Institutional innovation and technological innovation are unified.The two work together on economic growth,which is conducive to efficiency improvement,environmental pollution reduction and welfare improvement,thus promoting the improvement of economic growth quality.Based on the above theories,this paper builds relevant econometric models and uses the 2003-2015 provincial panel data to analyze the impact of innovation on China's economic growth.The empirical results show that technological innovation and institutional innovation have a significant role in promoting the quality of China's economic growth,and the effect of institutional innovation is stronger than technological innovation.Further analysis found that the innovation-driven promotion of China's economic growth quality index and China's economic growth quality outcome index is more significant than the China's economic growth quality process index.In terms of regions,the innovation drive has the greatest contribution to the quality of economic growth in the eastern region of China,with the western and middle parts ranked second and third.However,the role of institutional innovation in the eastern region is prominent,and the role of technological innovation is weak.Only institutional innovation in the central region has a significant role in promoting the quality of economic growth.Only technological innovation in the western region has a positive effect on the quality of economic growth,and the impact is weak.The regional differences in the impact of innovation-driven economic growth are obvious.In terms of time-phase,the role of innovation-driven promotion of China's economic growth in 2008-2015 is quite different from that in 2003-2007.During this period,technological innovation and institutional innovation have significantly promoted the quality of China's economic growth,but the promotion effect has declined compared with the previous stage.In 2008,due to the adverse impact of the financial crisis,governments at all levels introduced investment plans to stimulate the economy.Although the Chinese economy has rebounded in the short term,it has adversely affected the quality of economic growth.The specific performance is: the decline in total factor productivity,Increased resource and environmental consumption.In addition,through spatial econometric analysis,it can be found that under the effect of space between adjacent regions,innovation drive has a significant impact on the quality of economic growth,and there are obvious regional differences and spatial correlations On the one hand,from the innovation-driven spatial effect decomposition,it can be found that the direct effect and the indirect effect of innovation-driven spatial spillover are significantly different.For institutional innovation and technological innovation,its direct effect is greater than the indirect effect and both effects are significantly positive;it shows that the effect of the two directly affecting the quality of local economic growth is stronger than the indirect effect.On the other hand,the spatial impact of the innovation-driven spatial spillover effect on regional economic growth quality composite index and outcome level is significantly different.Finally,based on the results of theoretical analysis and empirical analysis,the corresponding policy recommendations are proposed from three aspects: technological innovation,institutional innovation and construction of independent innovation system.