An Empirical Study Of Information And Communication Technology(ICT) Capital Investment On Economic Growth

With the advancement of China's informatization process,information and communication technology(ICT)has strengthened its position in the development of the national economy.ICT capital has gradually become an important input factor,changing traditional production and lifestyle,and has a significant impact on total economic growth and economic growth efficiency.Informatization has spawned new business and new models,which has led to the digital transformation of traditional industries,strengthened the ability of independent innovation,and gradually became an important engine for China's high-quality development in the future.Therefore,to understand the specific situation of China's ICT development at this stage,and to explore its role in the process of economic growth,not only reveals the results brought by information development in recent years,but also can provide reference for the future development direction of ICT industry.Based on the Perpetual Inventory Method(PIM),this paper estimates the ICT capital stock at the national,province and industry levels from 2002 to 2016,and analyzes its development status during this period.Then,through the growth accounting framework,we estimate the contribution rate of ICT on economic development and compar the results with other input factors.Then through theoretical analysis and empirical test,we explore the role of informatization in promoting economic growth efficiency,and based on the calculation results,we propose the policy recommendations for future informationization construction in China.The research in this paper shows that:(1)the capital accumulation of information and communication technology in China is gradually deepening,accounting for an increasing proportion of GDP,and the focus of ICT investment has changed from the hardware to software.Through the calculation of provincial ICT capital stock,we can find that the capital accumulation of China's ICT hardware has gradually shifted from the eastern region to the central and western regions.The capital accumulation of China's ICT software is still mainly in economically developed provinces.Through the calculation of China's 19 industry ICT capital stocks,it is found that China's industry-level capital accumulation is mainly concentrated on industries such as construction,manufacturing,finance,scientific research and technical services..The degree of informatization on agriculture,mining,accommodation and catering is still low,and information technology needs to be further penetrated.(2)In the process of China's economic development,non-ICT investment has always been the main source of China's economic growth,reflecting the characteristics of China's investment drive.TFP is also an important reason for China's economic growth,indicating that the relevant measures for China's scientific and technological innovation have played a certain role in recent years.Although the ICT investment is small,the capital accumulation speed is relatively fast,and the contribution to the Chinese economy is becoming more and more obviously.Informatization will be an important driving force for China's economic growth in the future.The contribution of labor input to economic growth has been at a low level,indicating the current situation of the gradual disappearance of China's demographic dividend.(3)ICT investment not only promotes economic growth as an input factor,but also promotes the economic growth efficiency through the three channels of network externality,ICT capital use and promotion of technological innovation.However,there is a delay effect in ICT investment,which requires the improvement of relevant supplementary investment such as human capital and organization management to play the role of ICT on economic growth efficiency as soon as possible.