The Yangtze River Delta Economic Growth Catches Up With The Pearl River Delta And Its Reasons (1992-2008)

Since the reform and opening up the economy of the Pearl River Delta and the In 1978,China entered a new historical period of reform and opening up.In the process of reform and opening up,the Yangtze River Delta and the Pearl River Delta have grown rapidly into the two most important regional economies in China's economy.The development of the two delta regions plays an important role in the development of China's economy.The development of the two regions also has their own characteristics,Southern Jiangsu Model,Wenzhou Model and Shunde Model,which are well known in the academic circles.The comparison of economic strength and economic model between the two regions has long been a hot topic in academic research.This article mainly carries on the comparative study from the economic growth level of the two delta regions.From 1978 to 2008,the process of China's reform and opening up has obvious stage characteristics.In different periods,the stage characteristics of economic growth in the Yangtze River Delta and the Pearl River Delta are also obvious.From 1978 to 1991,it was the beginning of reform and opening up.During this period,the Pearl River Delta region,as the frontier of opening up,benefited from the support of opening policy,system reform and the geographical advantages adjacent to Hong Kong and Macao,took the lead in achieving high-speed economic growth.In the Yangtze River Delta,the rise of Jiangsu Province's Southern Jiangsu Model and Zhejiang Province's Wenzhou Model has brought endogenous economic growth impetus to the two provinces.However,due to the heavy historical burden and slow economic growth,Shanghai lagged behind the Pearl River Delta in terms of economic growth in this period.From 1992 to 2000,it was a historical period for China to initially establish a socialist market economic system.The most striking feature of this stage is that the Communist Party of China has established the goal of establishing a socialist market economic system reform.In order to realize the system transformation and export-oriented economic development,local governments in the Yangtze River Delta and the Pearl River Delta,on the one hand,vigorously promote the reform of property rights system as the core,on the other hand,implement the policy of expanding opening up.Promoted by the development and opening up of Pudong,the reform of property rights system and the policy of attracting foreign investment in Shanghai,Jiangsu and Zhejiang,the economic growth of the Yangtze River Delta has accelerated significantly,and the GDP growth rate and per capita GDP growth rate of the Yangtze River Delta have been ahead of the Pearl River Delta in many years.If we take 1990 Pudong development and opening up as the starting point and 2001 as the end point,and calculate the annual average GDP growth rate and the annual per capita GDP growth rate of the two regions during this period,we can find that the Yangtze River Delta region lags slightly behind the Pearl River Delta in the annual average GDP growth rate,and slightly ahead of the Pearl River Delta in the annual per capita GDP growth rate.From 2001 to 2008,it is a historical period for China to continuously improve the socialist market economic system.China's accession to the WTO in 2001 has created opportunities for the economic development of the Yangtze River Delta and the Pearl River Delta to be deeply integrated into the world economic system.During this period,in terms of GDP growth and per capita GDP growth,the Yangtze River Delta was first ahead of the Pearl River Delta.Later,because the Yangtze River Delta region was more affected by the global economic slowdown,the Yangtze River Delta lagged behind the Pearl River Delta.However,the Yangtze River Delta is ahead of the Pearl River Delta in terms of the annual average GDP growth rate and the annual per capita GDP growth rate.As a late riser,the Yangtze River Delta has lagged behind the Pearl River Delta in terms of economic growth rate,partially leading the Pearl River Delta,and finally leading the Pearl River Delta in an all-round way.There are mainly the following factors: firstly,the Yangtze River Delta has more advantages in geographical location,and the economic radiation scope of the Yangtze River Delta is wider;secondly,the industrial foundation of the Yangtze River Delta is stronger;thirdly,the economic development model of the Yangtze River Delta is more diverse;fourthly,the Yangtze River Delta region has more abundant labor resources and more high-end talents.The comparative study of the Yangtze River Delta and the Pearl River Delta enlightens all countries and regions to pay attention to the difference of resources endowment between countries and regions when choosing the direction of economic development.