| China’s economic development has entered a "new normal" economic slowdown, optimize the industrial structure adjustment, the relationship between structure and speed become the focus of economic restructuring proposition country. 2016 "Government Work Report" pointed out that the focus of the national development strategy also as the steering comprehensively deepen reforms to promote structural adjustment, way to achieve economy from factor-driven to innovation-driven, to maintain high-speed economic growth, industrial development towards the high-end, to enhance total factor productivity. In the new normal, "steady growth" if there is a kind of "alternative" relationships and "structural adjustment" between the "structural adjustment" to what extent influence "steady growth", whether they have economic theoretical basis for China smooth across the middle income trap is of great significance.Objective of this study is to explore the Baumol "Unbalanced growth" Path of China’s industrial restructuring, in order to "steady growth" and "structural adjustment" seek Microeconomics theoretical basis, provide policy recommendations for the optimization and upgrading of industrial structure. Thus, the first article of Baumol "Unbalanced growth" theory are reviewed, focusing on the core concept of discrimination "cost disease", "Baumol-Fuchs hypothesis", "Baumol-Bowen effect" and "Mystery of services"; Secondly, Bumol(1967) and Melitz(2003) model, fixed elasticity of substitution of CES utility function "non-equilibrium growth model" can be extended in order to derive the relative productivity of the service sector and the relative price of the services sector as the core variable labor share of output and employment share of internal influence mechanism; Finally, the relative price-centric model set the empirical analysis formulas, divided affect the relative price of the share of services, the relative impact on the productivity of the service sector relative prices, relative the impact on the productivity of the service sector share(in relative prices as an intermediary), based on the respective provincial panel data from China, the eastern region, the central region, the western region were carried out empirical test, obtained the relevant empirical results also verified previous hypothesis.Conclusions of the study are as follows:(1) At the macro level, "non-equilibrium" of the development of productivity growth, resulting in the adjustment of industrial structure appears"Baumol cost disease" phenomenon. In the three industries, the rate of productivity in the manufacturing sector and rapid progress, the greater its share of the national economy and the entire national economy faster. This article combined theoretical analysis and empirical test results, we found that productivity in the development of the service sector "lag", and the nameof the service sector share of output and employment share of the total national economy is increasing, thereby "down" the entire national economy average productivity, thus making economic growth rate decreased in a "depressed" state, there will be the evolution of industrial structure "Baumol-Bowen effect", that is, "Baumol cost disease" phenomenon.(2) At the micro level, Baumol "Unbalanced growth theory ’core is relatively labor productivity through the price transmission mechanism acting on behalf of the industry share and the share of labor realized. Its conduction mechanism, inversely between labor productivity and relative prices, the development of service sector productivity is relatively "lag", the price or the cost of the service sector and thus is constantly rising, the demand price inelastic, that is, " mystery of the service sector, "the assumptions, the share of output of the services sector will continue to improve. In the entire national economy, the proportion of the service sector continued to increase, the average productivity of the economy to reduce "non-equilibrium" The productivity realized the adjustment of industrial structures. At the same time, along with inter-sectoral mobility of labor factor. Thus, the formation of a "Efficiency- Structure- speed" in one of the theoretical system.(3)From the spatial development perspective, China’s regional economic development is uneven in different regions lead to a "cost disease" phenomenon vary. In the economically developed eastern region, particularly in the provinces along the coast, with the development of modern service industry of the national economy and increasing the share of high speed economic development slow, evident in the "cost disease" phenomenon, the existence of different levels of the central region. In the economy is relatively backward western, service development is relatively slow, less impact on the economic development of the region, "cost disease"phenomenon is not significant. In addition, we should rational view of China’s industrial structure adjustment Baumol "Unbalanced growth" appear "cost disease" phenomenon, not blindly them as a kind of "sick".Innovation of this paper:(1) Analysis of Baumol theory "Unbalanced Growth" core foundation "cost disease", "Baumol-Fuchs hypothesis", "Baumol-Bowen effect" and "the mystery of services", taking Bumol(1967) and Melitz(2003) model, fixed elasticity of substitution of CES utility function "non-equilibrium growth model" can be extended in order to derive the relative productivity of the service sector and the relative price of core variables for the service sector share of output labor and employment share internal influence mechanism, laid the theoretical basis for this article.(2) In empirical terms, based on the respective provinces panel data to relative price-centric model analysis of the empirical formula set in the eastern region, the central region and western regions, respectively, from the impact of the relative price of the share of services the relative impact on the productivity of the service sector relative prices,affect the relative productivity(relative to the price of the agency) on the share of services interms of analysis, of the existence of "cost disease" phenomenon structural adjustment of the region. |
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