The Relationship Study Between The High-tech Industrial Development And The Economic Growth Of Zhejiang Province

Nowadays the science has become an important support for economic and social progress,the progress of science and technology is the driving force of economic growth.With technology innovation as the core elements of high-tech industry is the backbone of the development of science and technology,which has the absolute advantage than other industries,the development degree of the high-tech industry will produce strong influence on the economic development,which is the key industries.In the existing research results,the study of high and new technology industry is relatively more,but on the relationship between the high and new technology industrial development and economic growth of the research is relatively small.This paper use the cointegration analysis to study the relation of high and new technology industrial development and economic growth of Zhejiang province.Found that the high and new technology industry and economic growth of Zhejiang province have a long-term stable equilibrium relationship.And when the high and new technology industrial output increases by 1%,the GDP of Zhejiang province will increase by0.65%,It shows that the high and new technology industry has a strong pulling effect on economic growth.The coefficient of error correction of high and new technology industry and economic growth in Zhejiang province is 0.19,it means that When the short-term fluctuations deviating from the long-term equilibrium,it will adjust to the equilibrium with 19% adjustment.And in accordance with the "Feder model" to the industry of Zhejiang province are divided into high and new technology industries and the industry without high-technology.Then using the 1995-2012 time series data of two kinds of sectors of the economy in Zhejiang province,analyze the relationship between high and new technology industry and the economic growth from the empirical aspect.It is concluded that the marginal productivity of high-tech industries in Zhejiang province is higher than the traditional industries,the indirect effect on economic growth of high and new technology industry is weaker than the direct effect.That means hi-tech industry spillover little to the traditional industry,it has little effect on the traditional industry development.Therefore we should strengthen the high and new technology industry transformation on traditional industries.In view of the above conclusion,This paper puts forward to develop the new andhigh technology industries,and will enhance the level of industry to transform traditional industries as a priority,the government departments need to increase support for new and high technology industries.Hope that through the analysis of this article,we can provide some effective decision-making basis for the Zhejiang province high and new technology industry development.