The Comparative Research On Quality Of Economic Growth Among Jiangsu, Zhejiang And Guangdong Province

Economic growth problem is a lasting and hot topic in the macroeconomics theory. Most economic schools such as Classic growth theory, Neo-Keynesianism and Rational expectations school, look highly upon economic growth problem. However, economic academics always focus on quantative part of economic growth, but neglect the quality of economic growth. Nowadays, we could not just concern on the growth of GDP. On the contrary, we should pay more attention to a whole picture of economic growth, which includes environment, the sustainability of economy, industrial structure, the stability of economy and so on. For this reason, the paper is dedicated to researching on the quality of economic growth.The paper defines the connotation of quality of economic growth firstly. On the basis of previous study, the paper defines five facets to evaluate the quality of growth:the efficiency of economic growth, the stability of economic growth, the harmony of economic growth, the sustainability of economic growth and civilians’ welfare.With the five facets, the paper builds a comprehensive evaluation system by using 19 basic indexes. The system is used to evaluate the quality of growth of Jiangsu, Zhejiang, Guangdong, Nanjing, Suzhou, Wuxi, Hangzhou, Ningbo, Guangzhou and Shenzhen by PCA method.According to the evaluation results, the paper finds that there are three elements limiting the quality of growth of the three provinces and seven cities. Firstly, the economy fluctuates too much. Secondly, it is too hard to upgrade the industrial structure. Thirdly, the economy is not environmentally friendly. Meanwhile, compared with Zhejiang and Guangdong Province, the economy of Jiangsu Province is more stable. Faced with the world economic crisis, Jiangsu Province shows better in the field of economic recovery and risk management. The paper holds the viewpoint that it is the dependence too much on big companies that makes Jiangsu have that advantage.At last, the paper puts forward three policy recommendations. Firstly, Zhejiang and Guangdong should promote M&A to increase the ability of risk management and economic recovery. Secondly, all the three provinces should upgrade the industrial structure and develop the emerging industries. Thirdly, the three provinces should develop the low-carbon economy and increase the energy efficiency.