An Empirical Study On The Relationship Between Transportation Infrastructure Investment And Economic Growth In Hubei Province

Transportation infrastructure is an important carrier for the circulation of people,goods and information.It provides a continuous supply of resources for economic and social development by completing the time and space conversion of people and goods in production and daily life.The improvement of the transportation system has laid a solid foundation for regional economic development.It is of great practical significance to deal with the relationship between transportation infrastructure investment and regional economic growth.Located in the central part of China,Hubei Province enjoys an advantageous geographical position and is the core area of the Yangtze River Economic Belt and the “Belt and Road”.In recent years,Hubei Province has made remarkable achievements in transportation infrastructure construction,but it still has a certain gap compared with other developed regions in China.The improvement of transportation infrastructure in Hubei has important strategic significance for the province’s economic growth and national economic take-off.This paper analyzes the effect and path of transportation infrastructure investment on regional economic growth,and the feedback mechanism of economic growth on transportation infrastructure investment,which lays the theoretical foundation of the research;it also analyzes the economic development status,the development of transportation infrastructure investment and the whole transportation industry of Hubei Province,which laid the realistic foundation for the research.This paper uses the grey correlation method to analyze the correlation between regional transportation indicators and regional economic indicators in Hubei Province.In regional economic aspects,it selects five indicators which are Hubei Province’s transportation production value,Hubei Province’s transportation fixed assets investment,Hubei province railway operation mileage,Hubei provincial grade highway mileage and Hubei province inland waterway mileage.In regional transportation aspect,it selects six indicators which are The GDP of each region in Hubei Province,the per capita GDP of Hubei Province,the GDP of the tertiary industry in Hubei Province,the employees of the tertiary industry in Hubei Province,and the per capita disposable income of urban residents in Hubei Province.This paper selects Hubei Province’s transportation fixed assets investment and Hubei Province’s GDP in 2001-2016 as the two variables,and takes them logarithm.Through cointegration test,VEC model establishment and Granger causality test,the long-term dynamic relationship and mutual influence mechanism of transportation infrastructure investment and economic growth in Hubei Province are tested.The study finds that although Hubei Province’s regional transportation and regional economic indicators have a high degree of correlation,and the province’s transportation infrastructure investment and economic growth have long-term stable co-integration relationship,but the causal relationship is one-way,Hubei Province Economic growth is the Granger cause of transportation infrastructure investment,while Hubei’s transportation infrastructure investment is not the Granger cause of economic growth.Simple investment can no t promote significant economic growth.The factors affecting economic growth are complex,including regional geographical location,labor adequacy,and technological innovation level.It is necessary to fully strengthen the linkage effect of transportation infrastructure investment and other various factors to promote In the long-term development of the economy;in addition,the main body of investment in transportation infrastructure is the government.Government investment crowding out private investment is not conducive to corporate innovation and industrial structure upgrading,which may have a certain adverse impact on economic growth in a certain period of time.Based on this,in the policy analysis,this paper puts forward a series of suggestions from the transportation system,operation management,financing channels,scientific and technological innovation and environmental protection of Hubei’s transportation infrastructure.It is necessary to make rational planning for transportation infrastructure investment in Hubei Province,introduce diversified financing channels and do a good job in operational quality to improve Hubei’s comprehensive transportation system.At the same time,we must vigorously develop green transportation and enhance the sustainable development of Hubei’s transportation economy..