The Central Fiscal Transfer Payments And The Management Of Local Economic Growth Target

Based on a new perspective that exploding economic growth target and unplanned actual growth,this paper takes the central government transfer payment as the core explanatory variables,and puts forward the theoretical hypothesis about the regional different impacts in economic growth and growth target.We find that transfer payments affect economic growth diminishingly with a relatively larger impact on economic growth in current period and weak one in the next issue.What's more,its impact on real economic growth achieves mainly through unplanned growth and target.In detail,the respond of local economic growth target to the central fiscal transfer payment policy is limited,while the effect of transfer payments in actual economic growth are more realized by influencing the unplanned growth.In addition,there is enormous heterogeneity across the east coastal and inland areas.The paper shows that in the eastern regions,the real economic growth,the target of economic growth,and unplanned growth are all affected by the central fiscal transfer payment.Transfer payments play a significant role in realizing the unplanned growth,while its impact on economic growth target range is relatively small.Above all,economic growth has a significant steady positive impact on transfer payments.When getting or anticipating more central financial support,local officials tend to set higher economic growth target.This suggests that the eastern economic growth mode and management mode has entered the phase of highly rational.However,on the contrast,it shows a significant negative impact in the inland areas,where central transfer payment reduces economic growth targets and real economic growth.Massive fiscal transfer payment does not result in the obvious increase of the economic growth target.Economic growth in eastern central policy has been stable and clear response,while economic growth patterns of inland areas are still unable to enter the sustainable and healthy development stage.Of course,the developing region has achieved a steady rise in recent years.That there may be some lurking driving factors contributing to the economic growth,it is an important direction worthy of research in the future.