The Revelation Of The Influence Of Labor Factors On China’s Economic Growth

Labor factor’s influence on China’s economic growth is always topics of concern,most of the research is mainly based on the total population in recent years,and discusses the factors such as population aging workforce,inner structure of population and labor age population proportion and labor force resources use efficiency is how to affect the future development of China’s economic growth is a problem needs to be further studied.In recent years,the frequent promulgations of the population birth policy fully reflect that China is now facing many population problems,such as the gradual disappearance of demographic dividend and the increasingly high degree of aging population.At the same time,the labor participation rate decreased year by year,the economic growth rate has been slowing down,and the social labor supply has been seriously affected.It is greatly significant to discuss and seek countermeasures to promote the sustainability of economic growth.Research on the impact of population and labor factors on economic growth mainly studies the population structure and labor participation rate respectively,but few literatures combine the two together to discuss,the classification standard of population age structure is relatively broad,and there is a lack of in-depth empirical test on the mechanism of the two.This article obtains from the Solow growth theory,the decomposition of proportion of working-age population,labor participation rate,two new economic elements,the empirical part chooses Chinese provincial panel data from 1998 to 2018,establish dynamic panel model,the theoretical model of inferential hypothesis test,on the basis of research on respectively to join interaction to explore the relationship between the,age of the workforce are further discussed.Through the empirical results found that the working age population proportion and labor participation rate have positive effect on economic growth,the interaction coefficient shows both for substitution,the contribution of the working-age share is reinforced by a decline in the labor participation rate,and a higher proportion of working-age population inhibitory effect of labor participation rate for the promotion of economic growth.In the analysis of the internal age structure of the labor,the young labor has a negative affection,the middle-aged and old labor force has a positive impact.In addition,this paper takes savings rate,total factor productivity and industrial structure upgrading as mediating variables to discuss the influence path of population age structure on economic growth through a step-by-step mediation model,and the results show that the above mechanisms all pass the mediation effect test.Finally,considering that the regression coefficient of labor participation rate is not significant in the full sample analysis,and has obvious stage and regional differences,the threshold model test is conducted.The analysis results show that there is a threshold regulating impact by human capital,marketization,and technological innovation on the relationship between labor participation rate and economic growth.