Research On My Country's Economic Growth Trend Under The New Normal Based On The Solow Model

Since the reform and opening up,China's economy has turned from high speed to medium and high speed,and the economy has entered the "new normal".The study of China's economic growth path under the new normal is helpful to understand China's economic growth trend,formulate economic growth policy and transform the mode of economic growth.Based on the steady-state concept and steady-state characteristics of the solow model,the steady state and the new normal of China's economy are quantitatively defined.Then,the parameters of basic differential equations of labor output,population growth rate,saving rate,depreciation rate and technical growth rate were estimated.Finally,the author USES solow's basic differential equation to simulate and predict the growth trend of China's total output,per capita output,return on capital and real wages.The results show that China's economy entered the new normal state in 2009 due to the decline in technology growth rate.From 1990 to 2008,China's economy can be regarded as steady state,namely the original steady state,and the technical growth rate is 9.44%.In 2009,it entered the new normal,i.e.from the original steady state to the new steady state,the technical growth rate was 1.42%.Technical growth rate reduced to 1.42%,from 9.44% in 2009-2022 China's total output growth rate from 9.78% to 5.96%,from 9.23% to 9.23%,the growth rate of output per return on capital fell from 16.1% to 9.1%,9.2% to 5.4% growth of real wages.It can be seen that the decline of technical growth rate is the main reason for the slowdown of China's economic growth.Under the new normal,make policies on economic growth and transformation of the mode of economic growth is the key to improve the technology of growth,including improving the quality system,and promote human capital accumulation and encourage technology innovation,etc.,help to improve the output growth rate,per capita output growth rate,return on capital and real wage growth,which helps to enhance China's economic strength,improve the level of profit margins and improve living standards of households.