Research On The Impact Of New Urbanization On The Supply Of Public Capital

With the development of China's economy,China's urbanization process has been accelerating,and is already in the new "people-oriented"urbanization development phase.As the organic integration ofmodem industries,population concentration and modern people's lifestyles,new urbanization has generated a large amount of public capital demand.As the phrase goes like "Demand generates supply",the demand for a large amount of public capital generated by the new urbanization process will inevitably form a powerful pulling effect on the supply of public capital.This paper is to apply theory integrating with empirical methods to study the impact of new urbanization on the supply of public capital systematically.The key is to study its influencing mechanism,the influencing extent,and the rational supply of public capital in the process of new urbanization.The analysis on the above problems are of great significance for promoting China's new urbanization process.On the basis of literature review and the previous research results,applying the methods of normative and empirical analysis,quantitative and qualitative research,the paper focuses on revealing the inner mechanism of new urbanization's promotion on public capital with China's 2000-2016 national panel data for empirical testing.The main contents and basic conclusions are as follows:1.Definition of the core concepts.New urbanization is the revision and optimization of traditional urbanization,focusing on people-oriented development and paying more attention to quality and connotation development.Public capital refers to the capital formed by the government investing in infrastructure through fiscal expenditure.The supply of public capital eventually formed the public goods.In this research,the supply of public capital and public goods were classified as one category.2.The revelation of internal mechanism.The classical Classic Lewis dual economic model,Todaro model and other urbanization theories,industrial agglomeration theory of external scale economy,factor endowment,new economic geography,Push-pull theory,Schultz cost-benefit theory and other farmer citizenization theories,public capital and its supply theory are applied to reveal the internal mechanism of new urbanization to stimulate the supply of public capital in depth,which can be summarized as follows:(1)The process of new urbanization as a modern industrial agglomeration will force the government to raise the supply of public capital;(2)The process of new urbanization as population concentration and farmers citizenization will force the government to raise the supply public capital.3.Empirical test.This part firstly reveals the status quo of China's urbanization development and the public capital supply in 2000-2016,and constructs a comprehensive evaluation index system to scientifically describe it which constitutes the research basis of the article.On this basis,the coupling degree and the econometric models are applied,such as function,coupling coordination model,panel regression model,threshold effect model,spatial Dubin model,VAR model,etc.,to evaluate the new urbanization state,and its stimulation on economic public capital supply through industrial agglomeration,and the promotion of social public estate through population concentration and peasant citizenization.The capital supply was tested separately.The empirical analysis' conclusions are as follows:(1)The level of new urbanization in most areas of China is coordinated with the level of industrial agglomeration,and some regions have advanced or lagging data representations;the level of industrial agglomeration has a threshold in the impact of new urbanization on the supply of public capital.The effect of new urbanization on the supply of public capital is different under different industrial agglomeration levels;the level of industrial agglomeration has a positive impact on public capital supply and transportation,environmental protection,and communication-typed economic public capital supply.It has a negative impact on energy-based public capital,and the results in the eastern region are more significant than those in the central and western regions.(2)The new urbanization development wil]increase the income of migrant workers;the new urbanization and the peasant citizenship increase the supply of social public capital,and the ability of local fiscal control ability to promote the supply of social public capital.(3)There is a long-term equilibrium relationship between new urbanization and public capital supply.4.Corresponding countermeasures and suggestions.In response to the above theoretical and empirical analysis results,the policy recommendations proposed in this paper for better realization of the new urbanization's promotion on the public capital supply are:(1)to improve the household registration system,establish and improve the mechanism for new generation of migrant workers to move into the urban area,and deepen the reform of the fiscal and taxation system to jointly promote the urbanization of migrant workers;(2)According to the needs of industrial agglomeration,the layout of economic public products will be carried out according to the needs of the improvement of residents' living standards,and the rational supply of public capital will be jointly promoted.The innovations of this paper are as follows:(1)From the perspective of"demand generates supply",the problem of new urbanization's driving force on the supply of public capital are explored,which is new and unique in the existing research.(2)Based on the classical urbanization theory,industrial agglomeration theory and the theory of public capital supply,the internal mechanism of the new urbanization to stimulate the supply of public capital is revealed in great depth,which is rare in the existing research.(3)In the empirical study,this paper builds a comprehensive index system,using the improved entropy method to objectively measure the new development of urbanization,public capital supply situation,and uses the country's provincial panel data to verify the industrial concentration level and urbanization of farmers in 2000-2016 in the new threshold effect in the process of urbanization driven public capital supply,further analyzes the new urbanization pulling effect on the Chinese public capital supply.