Study On The Influence Of Fixed Asset Investment On Economic Growth In Liaoning Province

Since China's reform and opening up,China's economy has grown rapidly,making it the world's second largest economy after the United States.Investment is the important economic regulation and control policy in our country,and improve the traditional economic growth "troika" of the main driving force,has always been the provinces to promote economic development in China,is a powerful tool to improve the economy.In the mid-1990-s,our country is put forward and established the system of capital in investment in fixed assets,the main purpose of the implementation of the system is to improve the macroeconomic regulation and control,investment control,adjust the investment structure to ensure the steady and safe operations of financial institutions and guard against financial risk,etc.As a typical provinces in the northeast old industrial base of liaoning province,before 2016,fixed assets investment growth faster,economy steadily expand,but for the first time in2016 GDP negative growth,is also the only a negative growth of the national provinces.The total fixed assets investment in liaoning province in 2015 was about179.79 billion yuan,and the fixed assets investment in 2016 was about 669.22 billion yuan,which was 62.65% less than in 2015.It can be seen that the economic development of liaoning relies excessively on fixed asset investment,showing the development state of high investment and low efficiency.Under this background,the research of fixed assets investment structure on economic growth of liaoning province correlation effect to improve the quality of economic growth,upgrade,optimizing industrial structure in liaoning province has theoretical and practical significance.This article system to sort out the three times in the past twenty years in liaoning province industrial investment in fixed assets and the relevant data of GDP,based on the Keynesian theory of investment and industrial structure optimization theory,consulting a large number of literature data,an analysis of the statistical measurement data,using the method of combining practice and theory examines the fixed asset investment's influence on the economic growth of liaoning province.The following is the structure of this article:The first part is the introduction,which mainly introduces the background of topic selection and the research significance of this paper,the current research statusin China and abroad,the content of this research and the research methods adopted,as well as the innovation and deficiency.The second part introduces the definition of fixed asset investment and GDP,and systematically summarizes the theoretical basis of the influence of fixed asset investment on economic growth.The third part introduces the present situation of fixed assets investment in liaoning province.It mainly focuses on the correlation between the total investment of fixed assets and GDP and the impact of fixed asset investment in the three industries on the GDP of each corresponding industry and the spillover effect on other industries.The fourth part is the empirical analysis,which USES OLS to carry out the vector autoregressive analysis on the GDP increment of liaoning province,the investment increment of the fixed assets of the tertiary industry and the GDP of the second industry relative to the total GDP.After the empirical test,the autoregressive regression is stable under first-order difference,and its optimal lag order is fourth order.The regression analysis shows that fixed asset investment has a long-term positive effect on economic growth,but it has negative effect on economic growth in some lag period.The fifth part is the empirical conclusion and policy suggestion.According to the statistical analysis of data from 1995 to 2015,you can see three industry in liaoning province incremental impact on GDP growth in the province of investment in fixed assets is not all positive effect,especially the second industry national asset investment increment is negatively related to the GDP growth in the lag period of liaoning province,shows that liaoning there may be a plan of investment in fixed assets,investment and unreasonable industrial structure does not match,single industrial structure,and other issues.At the same time,it can be seen that there are some problems in the quality of economic growth in liaoning province: the economy grows excessively relying on investment policies and heavy industry such as coal and metallurgy;The investment direction is concentrated in heavy industry;The tertiary industry investment is not matched with the existing industrial layout in liaoning province.Therefore,investment in fixed assets shall start from the three industryimprovement,not only to consolidate the liaoning province agriculture investment,optimize the industrial structure,and pay attention to the cultivation of the talent,gradually establish a sustainable and high quality of economic growth.