An Empirical Study Of China's Growth Factors In The Provincial Dimension

Economic growth is the core issue of macroeconomics.Among the many textbooks on macroeconomics,there have been a great deal of discussion on the issue of economic growth.Why breed economic growth? What is the root cause of economic growth? Answering these questions is not only a theoretical issue to be solved by economists,but also an important one for the actual economic development.In the past more than 30 years,China's economic growth has been far above the world average in the medium and long terms.The ranking of economic aggregates has fastly risen to the front row.Average income scale has risen obviously and completed amazing growth In a fast growing period,a number of factors have worked.In the long-term period,the progress of a country depends on the driving force for growth.China also does this.Therefore,it is particularly important to clarify factors that affect China's economic growth.Especially after the new normal of China's economic development,the economic growth has slowed down and The other scholars in the world have some views that have soured and weakened the Chinese economy.In order to use these elements more reasonably and achieve the sustainable development of China's economy.The old day's doctrine often considered technology,labor,etc.as growth factors.Later,because of the improvement of theoretical research,it extended to the institutional level.This paper sorts out the growth theory of different schools,draws lessons from other scholars' research achievements,study the main factors involved in China's economic growth,,and studies them by statistical data.Based on the new classical economic growth model with additional human capital,this paper synthesizes different theories of economic growth and tries to find out the main factors that affect China's economic growth.Using panel data from various provinces in China,the article uses advanced econometric methods to combine statistical data with the neoclassical economic growth model for empirical analysis.The relationship between China's economic growth and influencing factors was explored from two dimensions of function model and measurement application.On the basis of reading a large amount of economics literature,we draw on the research results of different economic growth theories,and use the econometric model to conduct empirical research on the data,and draw the conclusion of the article.Based on the new classical growth model,this dissertation adds one institutional variable: marketization.Employing Stata13 software,we analyze the panel data empirically and explain the contribution of each factor to China's economic growth.The results of this study show that these factors have different impacts on China's economic growth.The role of the traditional material capital elements in economic growth is still very important.The output elasticity has reached 0.4778,ranking first among the basic input elements.The human capital factor has a more prominent effect on economic growth with output elasticity of 0.3288;the contribution of labor force to economic growth is 0.1934;the factor of technological progress gradually increases the effect of effective labor force on economic growth;and the effectiveness of institutional elements is clear.This article estimates that the marketization has a quite significant impetus to economic growth.The elasticity of output has reached 0.0137,this has fostered productive economic growth.The results of the research inferred from the article have important referential significance for the current economic situation in China and provide some theoretical guidance for the formulation of economic policies in our country.Lastly,judging by the conclusion based on metering analysis.Our objective is to provide a corresponding policy recommendation with strong enforceability.Committed to being able to furnish measures to achieve the sustainable development of national economy.