Research On China's Economic Growth Path

China’s development has entered a new era.China’s influence on the world has never been as comprehensive,profound and long-term as it is today;the world’s attention to China has never been as broad,deep and focused as it is today.The 70 th anniversary of the founding of New China,China has been transformed from the world’s poorest country at the beginning of the founding of the country into a middleand high-income country with a per capita GDP of nearly 10,000 US dollars.It has grown into the world’s second largest economy and the engine of world economic growth.From 1952 to 2018,China’s GDP jumped sharply from 67.91 billion yuan to 90.03 trillion yuan,a real increase of 174 times;per capita GDP increased from 119 yuan to 64,600 yuan,a real increase of 70 times;national fiscal revenue from 6.2 billion in 1950 Yuan increased to 18335.2 billion yuan in 2018,an average annual increase of 12.5%,an increase of nearly 3,000 times;according to IMF estimates,China’s economic growth contributed nearly 30% of the increase in world economic growth.70 years of rapid development has laid a solid material foundation;70 years of great history has accumulated valuable lessons;70 years of brilliant achievements fully prove the superiority of the socialist system.Start again in 70 years,we will sum up,show and promote the great historical achievements of socialism with Chinese characteristics,and at the same time,see the crisis.In ancient China,both in terms of technology and economic scale,we were far ahead of the world;in modern China,due to the characteristics of experimental technological innovation,combined with backward economy and decadent politics,China lags far behind Western countries;Nowadays,especially Since the reform and opening up,China has been catching up,with an average annual growth rate of 9.6% of GDP growth,and has become the world’s second largest economy.However,in recent years,China’s GDP growth rate has begun to decline significantly,and China has entered the medium and high speed from the highspeed growth stage.In the growth phase,from focusing on growth to focusing on growth quality,the decline in economic growth has caused us to ask,where is the future of China’s economic growth?In the background of the topic,this paper introduces the path of China’s economic growth.The theoretical research on economic growth,Marxist economics analysis of the factors affecting economic growth is scattered in its works,focusing on the analysis of capital,labor and science and technology for the influence of economy growth.In addition,this paper deduces Marx’s simple production theory and expands the mathematical process of general reproduction theory of reproduction theory.Through analysis and research,it is concluded that the equilibrium growth path of free competition economy is unstable in the economy with fixed capital investment.However,a socialist economy with a macro-sector can achieve a stable equilibrium through reasonable macro-control.Of course,this regulation is not arbitrary and should be carried out by the macro-department.Following Marx’s theory of economic growth,it systematically studied the main growth theories in Western economics and analyzed its equilibrium growth path.From the perspective of production function,summarize whether five classical economists have discovered new variables,or explained new variables,or created new different production functions;and then fully derived the Harrod model,Solow model,the mathematical process of the Romer model and the Schumpeter model analyzes its equilibrium growth path.It is found that Harrod emphasizes the role of investment in economic growth.Solow believes that technological progress determines economic growth,but technological progress is given exogenously.Romer and Schumpeter endorse technological progress(innovation)and believe that economic growth comes from the technological advances caused by innovation differ in that Romer emphasizes the innovation of new products(technologies)and Schumpeter highlights the creative destruction of an existing product(technology)and replaces it with new products(technologies).After studying the Western growth theory,combined with the facts of China’s economic growth,this paper compares and analyzes four economic growth paths: investment growth path,labor input growth path,end product(GFP)consumptiondriven growth path and innovation-driven growth path,explain the growth path and China’s growth stage,and draw the conclusion of China’s future path is innovation.and then analyzes China’s innovation path from three aspects: market size and latecomer advantages and independent innovation.In terms of empirical evidence,this paper empirically analyzes the data of 30 provinces,municipalities and autonomous regions in China for 20 years,using innovation,institutional change(marketization process),human capital and physical capital,and labor as explanatory variables to explain economic growth.The threshold estimation analysis shows that the effect of innovation on economic growth has a threshold effect of inverted “U” type with the improvement of human capital level.Through systematic theoretical research and empirical analysis,this paper believes that China’s future growth path lies in innovation,The path of innovation is an inevitable choice and has a long way to go.First,enhance the willingness to innovate: system construction reduces the uncertainty of innovation;strengthen intellectual property protection to stimulate innovation.The second is to improve the ability to innovate: adhere to the combination of independent innovation and open innovation;improve the quality of human capital,improve the allocation of human capital and enhance innovation performance.The third is to emphasize the "basic" and "regular" : increase basic innovation investment;and stimulate routine innovation.After 70 years of departure,strong willingness to innovate,high level of innovation,and the most effective way to innovate is the path of innovation for China’s continued growth in the future.