Research On The Influence Of Transportation Infrastructure Investment On Economic Growth In China

The sixth Plenary Session of the 19 th CPC Central Committee,the development Plan for the 14 th Five-year Modern Integrated Transport System and the Central Economic Work Conference in 2021 pointed out the need to increase investment and plan infrastructure construction in advance.Due to the change of social and economic development situation,the current national economy and social development have higher requirements for transportation facilities,and some local governments take investment in transportation infrastructure as an effective measure of economic control.The number,convenience and extension of transportation facilities are crucial to the development of economic activities.The construction of transportation infrastructure in China is going through the stages of bottleneck constraints,overall slowing down of development,and building a transportation power.Meanwhile,China’s domestic macroeconomic situation is also rising from slow to rapid growth,and then gradually stepping into the new normal of development,which highlights that transportation facilities occupy an important position in economic development.Therefore,transportation infrastructure investment will be the focus of future investment.This paper mainly analyzes the impact of transportation infrastructure investment on economic growth,so as to improve economic growth and reduce regional gap,which has strong practical significance.This paper firstly summarizes the theoretical basis and literature review,and clarifies the mechanism of action between economic growth and transportation infrastructure investment through corresponding sorting.Secondly,it studies the actual situation of transportation infrastructure investment and economic development in China,and summarizes the theoretical relationship between transportation infrastructure investment and national economic growth.Again,the samples selected from 2005 to 2020 data of 30 provinces,cities and autonomous regions,and set up a regular panel regression model and spatial panel regression model,select fixed effects model(FEM)and space respectively doberman model(SDM),the traffic infrastructure investment generated by the direct effect on economic growth and spatial spillover effect are analyzed.Using path analysis method,the number of private car consumption and population urbanization rate are introduced as path variables in the original ordinary panel regression model,and the mediation effect model is established to obtain the influence mechanism of the above two factors.Finally,based on the results of empirical analysis,some specific opinions are given.Finally,the following results are obtained :(1)under the national sample,transportation infrastructure investment has a great positive impact on local economic growth;Under the sub-sample,urban transportation investment has a significant positive impact on the eastern regional economy,but the impact on the western regional economy is not obvious.(2)Under the spatial weight matrix,the overall economy of this region and its adjacent regions can obtain the positive spillover effect caused by the investment in urban transportation infrastructure.(3)Compared with the direct effect,the indirect effect is relatively small through the decomposition of spatial panel effect.However,if the spatial effect is ignored,the promotion effect of transportation infrastructure investment on economic development may be overestimated.At the same time,the diffusion effect is much larger than the backflow effect.(4)Under the weight matrix of regional economic distance space,the space of economic development can obtain the negative and positive spillover effects caused by the capital input of transportation infrastructure in the eastern and western cities respectively.(5)The investment scale of transportation facilities can drive the overall national economic growth through the urbanization rate of population and the number of private vehicles of residents.To sum up,this paper proposes to appropriately enhance the construction and investment of transportation facilities in each region,build a comprehensive transportation network around the transportation hub provinces in central China,improve the education level,adjust the industrial structure and other countermeasures,so as to properly promote economic development.