The Service Economy,Structural Transformation And Economic Growth

Since 2014,the share of value-added services in the service sector in China's economy surpassed that of industry for the first time,becoming the largest proportion of the three industries.At the same time,China's economic growth rate has once again fallen into a downward trend since the large-scale stimulus effect in 2010 waned.This has deviated significantly from the steady growth of overseas developed economies.The demand side of the infrastructure industry and real estate has stimulated and cut interest rates and reduced federal reserve rates policies are also unable to recover the decline in growth rates,which has aroused widespread concern among the government and economists.As the theory of structural deceleration and the fact that China's economic growth has entered the "new normal" have been widely recognized,the service sector as the largest share of the industry's service-oriented industry has now exerted a significant influence on economic development..In this context,this article first reviewed the theoretical research on industrial structure changes and economic growth at home and abroad,and combed out the demand elasticity of the demand side of each department and the heterogeneity of the supply function on the supply side to promote structural change.Essential elements,then further focused on the service industry research,concluded that the service industry has a distinct internal differentiation at the current stage of development,and that service industry research must focus on its connection with manufacturing.As a result,the two-sector benchmark model and the multi-sector growth model are built.Through the maximization of consumers' inter-period utility,the two major micro-optimal decision-making problems of the manufacturers' production are cut in,and the service industry,service industry structure,industrial structure changes,and economics are tried.The detailed description of the relationship between growth.In addition,through the measurement of key parameters,the model's conclusions are further intuitively recognized.Studies have shown that under the premise of a non-statistical utility function,regardless of the nature of the intermediate goods in the service industry,both the capital intensity and the productivity growth level are the key factors that drive the structural change,and there are features that flow from higher to lower levels..The empirical results show that within the service industry,the characteristics of the labor force from the producer service industry into the life service industry will appear,and as a whole,the labor force will flow from the industrial sector to the service sector,and thus there may still be structural deceleration characteristics.The possible academic contributions of this article are mainly in the following two points:First,the service industry is divided into productive service industry and living service industry,and then systematically and integrally,the relationship between service industry and economic structure and economic growth is studied;Secondly,when considering the factors of structural change,the capital intensity,TFP growth rate,and the Engel effect mechanism on the demand side are taken into consideration as much as possible.The resulting rules are therefore more general and universal.