Study On China's Economic Growth Efficiency And Its Influencing Factors

Research on economic growth has been one of the hot topics in economics.Since the reform and opening up,China's economy has entered a period of rapid development,achieved the "China miracle" rapid,extensive growth.But the economic growth of a country depends not only on the quantity of economic development,but also on the quality of economic development.After 30 years of reform and opening up,great achievements have been obtained at the same time,we face the difficulties and contradictions,have reached the degree of concern,and China's economy seems to come to a new crossroads.In the context of the new economic normal and downward pressure on the economy,it is imperative to attach importance to the quality of economic growth.And efficiency of economic growth is a measure of a country or a region's economic growth quality is one of the core indicators,based on the provincial panel data from 2001 to 2015 in China's economic growth and its influence factors in the empirical research of efficiency.At first,this paper has sorted out the research of efficiency of economic growth method,has carried on the empirical test based on the analysis of the theory,use of Frontier software with SFA method based on the 2001-2015 provincial panel data to measure the efficiency of economic growth of our country,and from the science and technology,financial development,human capital,opened four aspects the factors influencing the efficiency of economic growth in China.The results show that :(1)China's economic growth is in a state of technical inefficiencies,and there are obvious regional differences in economic growth efficiency,but this difference is narrowing gradually.(2)China's current economic development mode is mainly driven by investment,which is not conducive to the sustainable development of China's economy in the long run.(3)Science and technology have an obvious promoting effect on China's economic growth efficiency.(4)The financial development in terms of resource allocation is twisted,deposits of financial institutions to increase to have a role in promoting the efficiency of China's economic growth,while the financial institutions increased lending has inhibitoryeffect on China's economic growth efficiency.(5)The average human capital stock as a whole,and play a positive role for the efficiency of China's economic growth,with higher education level of human capital contribution for China's economic growth efficiency is higher than the low education level of human capital.(6)Openness to the outside world has an obvious effect on the efficiency of China's economic growth,and the contribution of foreign direct investment to economic growth efficiency is higher than that of foreign trade.Based on the above empirical results,the following Suggestions are put forward :(1)Pay attention to the quality of economic growth and increase the focus on economic growth efficiency.(2)Increase investment in science and technology and actively promote independent innovation.(3)Further deepen financial reform,increase the guiding role,and enhance the role of financial development in promoting the efficiency of economic growth.(4)Increase investment and development of human capital and further optimize the human capital structure.(5)Change China's trade structure and growth mode,and comprehensively improve China's foreign trade.