An Empirical Study On The Relationship Between Private Investment And Economic Growth In Guangdong

Investment is the basic element,important source and main driving force of economic development.As an important part of fixed assets investment,private investment has a non-negligible pulling effect on the development of regional economy.In recent years,private investment in Guangdong has become the main investment subject in Guangdong Province,and its role in investment is becoming more and more important.However,as the economy of our country has entered the new normal,the return on investment of many industries has declined,private investment has also encountered many obstacles and constraints.The growth mode of Private investment that focuses on "quantity" rather than "quality" is not sustainable;in order to keep a healthy and stable growth of the economy,promote the rational development of private investment,the government has issued a series of guidelines to regulate and promote the development of private investment.Private investment in Guangdong is very active and plays a "vanguard" role across the country.Therefore,it is of great practical significance to study the relationship between Guangdong private investment and economic growth and promote the growth of Guangdong's private investment quality.Based on the theory of investment and economic growth,this paper combines the characteristics of private investment in Guangdong to deeply analyze the running status of private investment in Guangdong.The problem oriented VAR model is established,and empirical analysis is carried out by means of unit root test,cointegration test,Granger causality test,impulse response function analysis and variance decomposition.It shows that private investment and economic growth in Guangdong Province are two-way causality,Private investment in Guangdong increased by 1% to promote Guangdong's GDP growth of 0.49%.Based on the conclusions of this study,combined with the actual situation of private investment in Guangdong,we put forward six ways to expand the path of private investment in Guangdong,In order to better promote the growth of Guangdong's economic quality.