Research On The Mechanism And Effect Of New Infrastructure On Economic Growth

At present,human society has entered the fourth industrial revolution period,and new infrastructure is becoming the key support and important material guarantee for the new round of scientific and technological revolution and industrial transformation.Throughout the history of human economic development,each round of industrial transformation will breed new infrastructure.The accelerated development of new infrastructure is one of the necessary material bases for the widespread popularization of new technologies and new industries in China,and also the key support for economic development under the current economic situation.On the whole,the proposal of new infrastructure is not long,less than five years in total.In other words,new infrastructure is still a relatively new concept.Since the Central Economic Work Conference in December 2018 put forward the requirements for the construction of new infrastructure,5G,artificial intelligence,industrial Internet,big data center,UHV,new energy vehicle charging pile,intercity high-speed railway and rail transit have been defined as "new infrastructure",from the central to the local,from the government to the enterprise,there are increasing policies,investments and projects on the construction of new infrastructure,but at the same time,How about the mechanism and effect of new infrastructure construction and economic growth has become an urgent problem to be solved.In order to solve the above problems and clarify the relevant concepts,this paper,starting from the reality,selects the data of 30 provincial administrative regions(excluding Hong Kong,Macao,Taiwan and Tibet)in the country from 2007 to 2021 as the research object,and explores the mechanism and effect of China’s new infrastructure construction on economic growth.The research results show that the new infrastructure can not only produce multiplier effect through its rapid development,promote the economic growth of each province,but also produce spatial spillover effect,and have a positive impact on economic development in a broader region.At the same time,new infrastructure plays a role in economic growth mainly by promoting the rationalization of industrial structure and promoting scientific research and innovation,while the upgrading of industrial structure has no obvious effect on economic growth.On the basis of empirical research,based on China’s actual conditions,this paper puts forward four policy recommendations,namely,to comprehensively develop new infrastructure,establish and maintain an orderly market environment,promote technological innovation with the development of new infrastructure,and promote the rationalization of industrial structure with the construction of new infrastructure,in order to promote China’s economic growth.