Research On The Impact Of Fixed Asset Investment On The Quality Of China's Economic Growth

Since the reform and opening up for more than 40 years,China's economic and social development has achieved world-renowned achievements,creating a "Chinese miracle" of economic development and social stability.However,the traditional path of rapid economic growth dependent on the continuous increase in the amount of capital investment and the consumption of resources.This unsustainable development model makes imbalanced,inadequate and unsustainable development an important factor restricting further economic development.The extensive economic development mode of factor input is becoming increasingly unsustainable.It is necessary to Change the economic development mode and promote the upgrading of industrial structure,for improving the quality of economic growth.In this context,the new development concept is an important criterion for evaluating the quality of China's economic and economic growth,conforming to the new normal of China's economic development,complying with the requirements of the times,cracking development difficulties,enhancing development momentum,and thickening development advantages.It is of great significance to promote the high-quality development of China's economic growth.Taking the new development concept as the guide to promote the high-quality development of China's economic growth in the new era is an inevitable goal requirement,however,in the face of a global economic slowdown,an increased external risk environment and structural adjustment,and an optimized internal energy environment,how can we better promote Improve the quality of China's economic growth? Investment,as an important engine on both the demand and supply sides of the economy and society,has always been a ballast stone for China's economy to "maintain growth" and "strive for progress in stability." As the main form of investment,fixed asset investment is an important basis for the formation of social productive capital,which is directly related to the long-term layout of productivity,strategic goals of economic and social development,and national or regional development planning and industrial planning.Entering the new era of socialism with Chinese characteristics,guided by the new development concept of "innovation,coordination,openness,greenness and sharing" as the guide to the pursuit of high-quality development of economic growth,transforming investment methods,recognizing that the role of investment in promoting the quality of economic growth cannot be ignored,The positive significance of investment quantity and structural adjustment to economic development should be fully considered.Facing the new era background of China's economic growth phase transition since reform and opening up,it is even more important to break the traditional view that “investment-driven will only lead to extensive economic growth.Recognizing that investment is a development tool that can be fully utilized in economic development,how to use investment to adjust the investment structure is of great significance to promote the stability of macro policies,the livelihood of micro policies,and the bottom of social policies,and then promote the improvement of the quality of China's economic growth.This article attempts to study the impact of fixed asset investment on the quality of China's economic growth.Guided by the new concept of development,fixed asset investment how to promote the "stable" economic growth rate and "high" quality of economic growth.This article divides the whole society's fixed asset investment into private sector investment and public sector investment according to the type of industry,and calculates the comprehensive index of economic growth quality by constructing an index system.On this basis,the full text of this paper studies the impact of fixed asset investment on the quality of China's economic growth,Including four main aspects:(1)Periodic analysis of fixed investment.It analyzes the changes in private sector fixed asset investment,public sector fixed asset investment between 1986 and 2016,and the changes in investment in the two sectors in each province.(2)Construction of comprehensive index of economic growth quality.In SPSS,a global principal component analysis method is used to construct a comprehensive economic growth quality index that includes five dimensions of new development concepts: innovation,coordination,openness,greenness,and sharing.(3)Analyze the mechanism of the effect of fixed asset investment on the quality of economic growth based on the theoretical basis.(4)Empirical analysis of the impact of fixed asset investment on the quality of China's economic growth and analysis of the characteristics of the period,measuring the effects of private sector investment and public sector investment on the quality of China's economic growth.(5)Based on the analysis of the mechanism and empirical results of the impact of fixed asset investment on the quality of economic growth,combined with the current changes in China's investment and the problems in achieving high-quality economic development,put forward policy recommendations for promoting the quality of economic growth in China.This paper analyzes the effect of fixed asset investment on the quality of economic growth from a static and dynamic perspective through comprehensive FGLS,panel quantiles,using data from 1986 to 2016.The empirical research mainly draws conclusions:(1)Empirical conclusions are obtained from static panel quantile regression,comprehensive FGLS regression method.Private sector investment has a significant promotion effect on the quality of economic growth,and public sector investment has a significant negative effect.The fundamental reason lies in the continuous improvement of the socialist market economic system,making the market's decisive role in resource allocation more prominent.The products produced by the private sector are more efficient,innovative,and environmentally friendly.Private sector investment has a significant effect on the quality of economic growth.Positive action.The existence of public sector investment has a significant negative effect,because the products produced by the public sector have public attributes,with long periods and large inputs and slow capital recovery,which have a negative impact on the current change in the quality of economic growth.(2)Considering the impact of fixed asset investment on the quality dimension of economic growth,private sector investment has a significant positive effect on the innovation,coordination,and sharing dimensions of economic growth quality,and it has a significant negative effect on the open green dimension;the public sector is fixed Assets have a significant positive effect on the open and green dimension of the quality of economic growth,but they have a significant negative effect on innovation,coordination and sharing.Finally,based on the empirical study we can get a conclusion,the private sector investment in fixed assets and public sector investment in fixed assets,have the differences of quality improvement effect on economic growth.It is because the two products provided by the public and nonpublic sector industry differences decided the two departments industry quality effect on economic growth of investment in fixed assets.Private sector fixed asset investment is committed to competitive and profitable products.Market competition effect,technological progress and industrial restructuring will continuously improve its investment efficiency.The products provided by fixed asset investment in public sector industries are generally provided by government social organizations and state-owned enterprises due to their noncompetitiveness and non-exclusivity in benefits.Therefore,the key lies in dealing with the relationship between the government and the market,giving play to the decisive role of the market in allocating resources and giving better play to the role of the government,so that private sector investment and public sector investment can jointly promote the improvement of the quality of economic growth.This paper puts forward the following Suggestions :(1)strengthen the guidance of fixed asset investment,improve the industrial system,and promote the optimization and upgrading of industrial structure.First,we will strengthen research and development of key core technologies and constantly improve our innovation capabilities.Second,we should clearly define the industrial orientation and focus on attracting investment and project construction around the leading industries.Third,we will actively develop serviceoriented manufacturing and producer services.Fourth,we will strengthen areas of social weakness and support the improvement of economic quality.(2)establish the main role of enterprises in investment and fully stimulate the motivation and vitality of social investment.First,establish the principal position of investment and enhance the autonomy of enterprise investment.Second,it is to optimize the management process,the implementation of the approval system of investment projects,government departments to rely on the investment project online approval and supervision platform or the government service hall to implement parallel approval.Third,we will innovate financing mechanisms,expand financing channels for investment projects by relying on the multi-tiered capital market system,support asset securitization supported by real economic activities,revitalize existing assets,optimize the allocation of financial resources,and better serve investment and business development.(3)improve the government investment system and give full play to the guiding and driving role of government investment.The government should devote itself to creating a favorable market environment.We will clearly define the scope of public investment and ensure that we do something and do nothing.It is clear that public investment is mainly used for the construction of basic projects,such as the investment in infrastructure with long construction cycle,low investment amount and low return,high-tech industries that need the government to support,as well as the energy industry,transportation industry,post and telecommunications industry that are related to the national economy and people's livelihood.We will actively promote public welfare projects such as science and technology,education,culture,public health,environmental protection,and urban infrastructure.