Fiscal Decentralization,factor Supply And Economic Growth Research On Provincial Panel Data Based On China

The "supply failure" characterized by structural overcapacity has become a typical feature of China's new economic norm.The structural reform of the supply side is the inevitable requirement of adapting and leading the new economic norm.Fiscal decentralization system is an important system in China's economic reform.China's fiscal decentralization system has been in constant adjustment.And it is necessary to study whether the current fiscal decentralization is conducive to economic growth to guide China's economic reform and lead China's new economic normal.This paper takes the influence of fiscal decentralization on economic growth as the main line,taking the supply of production factors as the starting point.Firstly,this paper analyzes the influence mechanism of fiscal decentralization on the supply of three factors(labor,capital and technology),and introduces the mechanism of financial decentralization on economic growth from direct and indirect perspectives.This paper finds that fiscal decentralization in theory,has a role in promoting the supply of elements in the social economic,and economic growth of society as a whole.Secondly,From the perspective of decentralization of fiscal revenue and decentralization of fiscal expenditure,this paper select panel data of 21 provinces in China to examine the current fiscal decentralization situation of all provinces under the jurisdiction and the economic growth.This paper finds that the degree of decentralization of our current fiscal revenue only has a positive effect on the supply of technical factors.The current degree of decentralization of fiscal expenditure has a positive effect on the supply of labor factors and technical factors,also has a significant effect on the supply of capital elements.However,whether the current fiscal decentralization or decentralization of fiscal expenditure,has a significant negative impact on the overall economy.Finally,this paper compares the theoretical analysis with the empirical test results,finds that the empirical research results are not consistent with the theoretical analysis results.This may be caused by the division of the power and financial system in China's fiscal decentralization system,also too much emphasis on GDP politics Promotion mechanism and so on.In view of these possible reasons,this paper puts forward some feasible suggestions from the perspective of the supply of three major factors of production,with a view to promoting the perfection of China's fiscal decentralization system,especially in the background of the new normal situation,to promote the smooth development of China's supply side Implementation,for the long-term stability of China's economic growth to contribute.