The Influence Of Technological Innovation And Social Consumption On China’s Economic Growth Under Spatial Spillover Effect

The impacts of technological innovation and social consumption on economic growth have always been one of the hot topics in the economic field.The 19th National Congress of the Communist Party of China pointed out that it is necessary to strengthen support for technological innovation,continuously change efficiency,and continue to improve total factor productivity,so that China’s economic growth can be continuously supported by technological innovation.In recent years,China’s economy has gradually transformed from high-speed development to high-quality development,in which technological innovation undoubtedly plays an indispensable role.Only the continuous innovation of technology can make my country’s economy continue to develop with high quality.As one of the "troikas" driving economic growth,consumption is the internal driving force of economic growth,and it will certainly have a certain impact on economic growth.At the same time,China is a developing country with a vast territory,large population and multi-ethnic inhabitation,and the geographical factors are also relatively complex.Therefore,the spatial spillover effect of technological innovation and social consumption on economic growth cannot be ignored.Therefore,this paper explored the spatial spillover effects of technological innovation and social consumption on China’s economic growth based on the economic development data of 31 provinces and municipalities in China from 2011 to 2019(except Hong Kong,Macau and Taiwan).Firstly,the paper analyzed the current situation of technological innovation,social consumption and economic growth in China from 2011 to 2019.The results showed that:China’s economy had grown rapidly,the GDP index was high,and the economic development trend was good;China’s investment in technological innovation was high,and with the deepening of the innovation-driven development strategy,the level of technological innovation was also constantly improving;with the continuous increase of social consumption,the GDP was also growing.Secondly,the unit root test of panel data revealed the stability of China’s technological innovation,social consumption and economic growth data.The results showed that the data of technological innovation,social consumption and economic growth were all stable after difference.In addition,through the spatial correlation test,it was verified that technological innovation and social consumption had a spatial spillover effect on our country’s economic growth.What’s more,a spatial Durbin model was constructed,and based on the theory of quantile regression,it was explored the effect of different levels technological innovation and social consumption on our country’s economic growth.The research showed that technological innovation and social consumption under the spatial spillover effect had a significant impact on China’s economic growth at different quantiles.The details were as follows :(1)From the perspective of technological innovation,its regression coefficients were significantly positive at most quantiles,which indicated that the improvement of technological innovation level could significantly and effectively promote China’s economic growth at different quantiles.However,from the perspective of its spatial effect,the negative effect was greater than the positive effect,and the total effect was negative;(2)From the perspective of social consumption,the coefficient of social consumption level was significantly positive at different quantiles and its spatial effect,which showed that the increase of social consumption promoted the overall economic growth of the country;(3)From the perspective of tax revenue,its coefficient was negative at different quantiles,but from the perspective of its spatial effect,it had a negative impact on local economic growth;(4)From the perspective of industrial structure,its estimated coefficients were all positive at different quantiles,indicating that the increase in this proportion had a positive impact on China’s economic growth.However,its spatial indirect effect was negative,indicating that it had a significant inhibitory effect on the economic growth of adjacent regions;(5)From the perspective of the degree of opening to the outside world,its regression coefficient and its spatial decomposition effect at most of the quantiles were significantly negative,which showed that on the whole,its high proportion was not conducive to China’s economic growth.Finally,based on the above analysis,this paper proposed policy implications to promote China’s economic growth,such as continuously improving the level of technological innovation and stimulating the increase of social consumption.