Equality Of Opportunity, Achievement Sharing And Economic Growth

Since the reform and opening-up, China’s economy has achieved rapid growth unprecedentedly. However, with the remarkable accomplishment, education and health development lagging behind and worsening income distribution stand out gradually with the rapid growth of economy, and become the shackles of further economic growth. Under the circumstances, in order to promote the development of education and health, improve income distribution and accomplish sustainable economic growth, China advocates inclusive growth as it’s governing ideology of economic and social development. At first, based on the understanding of scholars and research institutions on inclusive growth, this paper defines inclusive growth as economic growth, opportunity equality and achievement sharing. Then through construction of inclusive growth indicators, the paper calculates the composite factor scores of economic growth, opportunity equality and achievement sharing from 1980 to 2012 by Factor Analysis. And on this basis, the paper measures inclusive growth index to grasp the dynamic trend of synthetic forces on the whole by learning from the calculation method of the human development index. After that, this paper establishes cointegration and error correction model to research the relationship between opportunity equality, achievement sharing and economic growth in the long run and short run. At last, this paper puts forward the policy recommendations of promoting long-term economic growth according to the empirical results. The conclusions of this paper are as follows.Firstly, according to the inclusive growth index, the paper presents that inclusive growth conditions show a rising tendency in the entire study period though it fluctuates roughly around a level value from 1986 to 2003. And it rises significantly in the rest of time.secondly, in the long term, opportunity equality and achievement sharing play obvious positive role in promoting economic growth which is obtained by the cointegration equation, and the impact of opportunity equality on economic growth is far greater than that of achievement sharing; by the result of error correction model, in the short run, the influence of fluctuation of opportunity equality on economic growth is far higher than that of achievement sharing, but the former negatively correlates with economic fluctuations, while the latter is positively relevant to economic fluctuations, and the coefficient of the error correction term(-0.418) is less than zero, which means that the error correction term significantly adjusts the economic growth inversely.Thirdly, Compared to the short-term economic growth, long-term economic growth is the focus of attention. therefore, in order to promote long-term economic growth, this paper puts forward the policy recommendations to improve opportunity equality from the perspectives of education and health; and for the enhancement of the degree of achievement sharing, this paper mainly focus on the elimination of urban-rural income gap, the regional income gap, and poverty reduction.