The Correlation Study Between The Fixed Asset Investment And The Economic Growth Of China

After 30 years of rapid economic growth in China,the economy gradually entered a new stage of development at now,the economic growth changed from high speed to high-middle speed,this is largely determined by the objective laws of economic development,but at the same time also exposed the problem of our country's economy.In the long history of the process of economic development,ours economy relies too much on investment,industrial development mostly got by highly polluting?energy intensive costs,the technical level is not high,the production efficiency is low,so we need to adjust the economic structure and transform the mode of economic growth.at the same time our country's present stage are still experiencing economic stimulus policies needed to digestion.So now our country's economy has entered a new phase of growth-speed switching?economic structure adjustment?the stimulus digests time,which marks the economic development of China has entered a turning point,in this way,the direction of the twist and the twist way have become a hot issue in urgent need of research.In the new normal,how to face the future need to base on the analysis of history,this article mainly focuses on the analysis of investment,investment has always been a major role to our country's economic growth,has been a focus of attention in China's economic problems.This article selects the central project of investment in fixed assets in our country?the investment of private economy in fixed assets and the fixed assets investment from FDI as the three main explanatory variables,to do time series regression analysis for China's real GDP.the period of time selected for analysis is the quarterly data from 1996 to 2016,and this time was divided into three stages,analyzed respectively,in order to find the possible dynamic change.at first i got the long-term equilibrium relationship between them by cointegration analysis in this paper,on the basis of this,by using error correction model calculated in various stages,i got the relationship of short-term dynamic adjustment between them,from the result of these variables in each stage of the long and short term relationship,i find:in the analyzed time period of this article,the output flexibility of the central project of fixed investment and the actual use of foreign capital to China's economic growth is more and more weak,by contrast,private economic investment is increasing the output elasticity,at the same time,our country economy in recent years showing increasing volatility.Then,according to the result of empirical analysis,this paper finds out some corresponding explanation from reality,such as:the national policy on private economy gradually relaxed,focused primarily on third industry of the industrial distribution characteristics of the private economy and so on caused the increasing role for the promotion of economic growth;Central project investment mainly concentrated on the second industry,lacking investment in the people's livelihood,the relationship between government and enterprises is unclear and state-owned enterprises internal management is not standard,all of these contributed jointly to the more and more weak output efficiency of the central investment.Our country's human resource advantages gradually reduce,the competitiveness of domestic enterprises gradually grow and its industrial distribution characteristics and so on together caused the promoting effect of the actual use of foreign capital to our country economic growth is more and more weak;the accumulated problems caused by rely mainly on investment to boost economic development begin to gradually appear.excess capacity,unreasonable industry structure,investment and consumer demand insufficient together contributed to short-term economic fluctuations.from those Conclusions,i give some policy recommendations:our country must accelerate the reform of state-owned enterprises,the categorized management must be implemented right now,government functions must be separated from enterprise,make the most of the state-owned enterprises become an independent market main body;Central investment should strengthen the areas of people's livelihood,social security,education,science and technology,increase the residents' sense of security,promote consumption growth;Countries should further relax restrictions on private economy,and further deregulation,tax cutting and fee reducing,developing the mixed ownership economy,make the efficiency of the most dynamic factors to the economic growth to the largest;To further increase the efficiency of the utilization of foreign capital,and intensify the protection of the intellectual property rights,accelerating the foreign legislative work,creating a healthier environment for the introduction of foreign capital.