Recognizing The Value Of Human Capital Under New Normal Of Economy:Perspective Of Economic Growth And Regional Innovation Capability

China has entered an aging society,and the demographic dividend has gradually disappeared.Although the economic growth rate has remained above 6%,the growth rate has declined.With the full implementation of the two-child policy and the unexpected worries about its effect on population growth,improving population quality and emphasizing human capital have gradually become the focus of theoretical and practical attention.Existing research explores the value of human capital from multiple perspectives,two of which are representative of the contribution of human capital to economic growth and regional innovation capabilities.Since the new century,China's human capital structure has undergone new changes,and the stock of human capital is increasing.Human capital plays an increasingly prominent role in economic growth and regional innovation ability,which provides a strong guarantee for China's economic transformation,upgrading and high-quality development.However,the existing studies are not comprehensive enough to select variables and update data slowly,which cannot provide an effective reference for the evaluation of human capital value under the new normal economy.Based on this,this paper evaluates the relationship between human capital and economic growth and regional innovation ability from multiple dimensions,and highlights the value of human capital under the new normal economy.Firstly,this paper analyses the contribution of human capital to economic growth in China since the new century.According to the new characteristics of economic growth and population in China,the article adopted the Trans-Log Production Function Model with variable elasticity,and then collected 2003-2016 statistical data of China,discussed the impact mechanism of human capital on economic growth in China since the new century.Firstly,the article constructed theoretical model of economic growth including three factors of human capital,labor force and capital stock.Then,the article set up a comprehensive index system for human capital from four dimensions of education,health,technology and population migration,and verified the reasonability of the index.After that,the article used the Principal Component Regression Analysis to reveal the relationship between sole factor or the mutual interaction of different factors.The result indicates human capital in China mainly includes two major components: learning-and-researching type and population-based type human capital,but the former takes much more proportion than the latter in human capital structure.Though the economic growth of China is still inseparable from the increase in labor number and capital stock,but the most effective way is human capital investment,a far more effective way than growth of population.Secondly,this paper explores the relationship between human capital and innovation capability in China since the new century.This paper constructs a comprehensive measurement index system of human capital,discusses the mechanism of human capital's innovation ability in 2003-2015,and reveals the adjustment role of innovation environment between human capital and innovation capability.Studies have shown that from a holistic perspective,the graphs of human capital and innovation capacity in various provinces have shown a quadratic upward trend,and the recent impact is particularly significant.From the perspective of the provinces,there is a threshold phenomenon between human capital and innovation capability,but different regions have different degrees of threshold effect.The innovation environment has played a regulatory role in the path of human capital and regional innovation capabilities.However,the promotion role of each province has certain differences: Anhui has the greatest promotion effect,and Inner Mongolia has the least promotion effect.Finally,this paper summarizes the intrinsic relevance between the two parts of the above research.This paper proposes countermeasures and suggestions for the value of human capital under the new normal of economy from national,regional and individual levels respectively.