An Empirical Study Of The Impact Of Economic Openness On Economic Growth

Since entering the new normal of the economy,the economy of Guangdong Province has changed from the previous high-speed development to the medium-high speed growth.Guangdong Province is one of the earliest provinces open to the outside world.The achievements after reform and opening up are also obvious.However,since the new normal,the total import and export volume of Guangdong Province has declined for three consecutive years,and the import and export of various regions has also declined.Guangdong Province faces more new difficulties and challenges.The“Belt and Road” proposal provides space and direction for Guangdong to further expand opening up and promote economic growth.In 2017,President Xi Jinping made important instructions to Guangdong Province,proposing “four adherences,three supports,and two moves.In the forefront,it is hoped that Guangdong Province will persist in reform and opening up,build a sound new system of open economy,and take the lead in demonstrating other provinces.Guangdong Province has a long way to go.Standing on the new economic starting point and the new economic opening pattern,it is of great and practical significance to study the relationship between economic openness and economic growth in Guangdong Province.This paper firstly takes 21 prefecture-level cities in Guangdong Province as the total sample,and selects five economic open indicators of export openness,import openness,investment openness,tourism openness and production openness,and opens five economics through principal component analysis.The index is reduced in order to obtain a comprehensive economic openness linearly represented by five open indicators,and the corresponding data is brought into a linear equation to calculate the comprehensive economic openness of the local cities from 2000 to 2017.Then,according to the trend of economic openness of each city,the time dimension is divided into 2000-2008 and 2009-2017.According to the geographical location,21prefecture-level cities are divided into 4 economic regions(Pearl River Delta,East Guangdong,Western Guangdong and Guangdong).Regional)as two sub-samples,then regression analysis of the total sample and sub-samples.Finally,in order to test the robustness of the regression results,this paper conducts a robustness test by replacing the economic openness with the trade openness,so that the regression results have Stronger reliability.According to the regression results,the main conclusions are as follows: First,from the results of the total sample regression,economic openness can directly promote economic growth,and can also indirectly promote economic growth by interacting with labor stocks and capital stocks.Second,according to the results of sample regression in different periods,the effects of economic openness on economic growth in different periods are different,and the effects are different.According to the regression results of different regions,the economic openness of the Pearl River Delta region and the eastern Guangdong region can be Significantly promote economic growth,while the effects of economic openness in the western Guangdong and northern Guangdong regions on economic growth are not significant.Third,according to the total sample and sub-sample regression results,the labor stock and capital stock are still the two basic elements to promote economic growth in Guangdong Province.The labor stock and capital stock in different periods and different regions can significantly promote economic growth.