Research On The Impact Of Human Capital On The Efficiency Of Economic Development In China

In recent years,China’s aging population has gradually intensified,and the labor demographic dividend has gradually disappeared.The extensive growth model driven by factors and investment in China’s economy for a long time can no longer meet the needs of sustainable and high-quality development.The proposal of the Central Committee of the Communist Party of China on formulating the 14 th Five Year Plan for National Economic and Social Development and the 2035 Long Range Goals points out that it is necessary to prioritize the improvement of national quality,optimize population structure,expand the dividend of population quality,and enhance the level of human capital.At present,China is in a critical period of transformation in development mode,optimization of economic structure,and transformation of growth momentum.Improving the level of human capital and making up for the shortage of labor force with the advantage of labor force quality will help effectively solve the problem of the disappearance of demographic dividend,and it is also a necessary means for China to shift from relying mainly on factors and investment to relying mainly on innovation and efficiency.Studying the impact of human capital on economic development efficiency has significant theoretical and practical significance.Firstly,a literature review is conducted on human capital,economic development efficiency,and the relationship between the two,systematically elaborating on relevant concepts,theoretical foundations,and impact mechanisms.Secondly,the education index method is used to measure human capital,and the input and output index system of economic development efficiency is constructed.The Data envelopment analysis method is used to measure the efficiency of economic development.Finally,we selected the panel data of 30 provinces except Hong Kong,Macao,Taiwan and Tibet from 2000 to2020,used the panel Tobit model,and added four control variables,namely,industrial structure,government intervention,technology level and opening up level,to conduct an empirical study on the impact of human capital on economic development efficiency.The following conclusions are drawn: firstly,the level of human capital in China needs to be improved and there are regional differences;Secondly,there are significant differences in the impact of human capital at different levels of education on the efficiency of economic development in different regions;Thirdly,the industrial structure can only promote the improvement of economic development efficiency in the eastern and central regions,while the level of technology,openness to the outside world,and government intervention have an overall inhibitory effect on economic development efficiency.Based on the above conclusions,the following policy recommendations are proposed:increasing the development of human capital and investment in education;Develop regional differentiated talent and industrial policies;Improve product technology level and foreign trade quality;Standardize and optimize government expenditure with a market-oriented approach.There may be two possible contributions: firstly,from a research perspective,studying the impact of human capital on economic development efficiency from both the stock and structure levels of human capital;Second,in terms of research methods,Data envelopment analysis is used to measure the efficiency of economic development,and panel Tobit model is introduced in the empirical part,combining Data envelopment analysis and panel Tobit model to conduct empirical research on the relationship between human capital and economic development efficiency.