Research On The Impact Of New Infrastructure Investment On High-quality Economic Development

As the new coronary pneumonia outbreak spreads globally,China’s economy has been seriously affected,new infrastructure investment can effectively play a counter-cyclical regulatory role,ensure the normal life of Chinese residents,promote economic recovery and development,and can also provide a strong driving force for the innovative development of the economy,help China’s economy to achieve the transformation of old and new kinetic energy,is a major factor related to the high-quality development of our national economy.Therefore,it is necessary to study the paths and mechanisms of the role of new infrastructure investment on high-quality economic development,which is very important to improve the efficiency and accuracy of new infrastructure investment and promote high-quality economic development.By sorting out the relevant literature on new infrastructure construction and high-quality economic development,this thesis starts from the theoretical foundation and influence mechanism,and starts from the connotation of new infrastructure construction,replaces the indicator of new infrastructure construction with an approximate indicator,and selects three industries of fixed asset investment,namely,"information transmission,software and information technology service industry","scientific research and technology service industry",and "health and social work" to measure,and finally use the total fixed asset investment in these three industries as a proxy variable to calculate the level of investment in new infrastructure construction.In measuring the level of high-quality economic development,indicators are selected from the five dimensions of the new development concept to construct a comprehensive indicator system,and then the entropy weighting method is used to obtain the weight of each subdivision indicator,and then the weighting is used to calculate the comprehensive score,which is the degree of high-quality economic development.Second,the30 provinces and regions of China,excluding Tibet,Hong Kong,Macao and Taiwan,are divided into eastern,central and western regions to analyze the level of new infrastructure investment and quality development by different regions.Then,based on the provincial panel data from 2010 to 2020,a fixed-effect model of different regions was constructed to study the effect of new infrastructure investment on the high-quality development of China’s economy.Second,a mediation effect model is constructed to analyze whether there is a mediation effect on the impact of new infrastructure investment on high-quality economic development.Finally,the panel threshold model is used to test whether the impact of new infrastructure investment on high-quality economic development has a nonlinear relationship.Studies show that:(1)New infrastructure investment will promote high-quality economic development.From a regional perspective,the impact coefficients of new infrastructure investment on high-quality economic development are 0.4380,0.7595 and0.0260 in the eastern,central and western regions,respectively,with regional differences.(2)The relationship between new infrastructure investment and high-quality economic development is non-linear,with a threshold effect,the threshold value is 6.8763,when the stock of new infrastructure investment exceeds the threshold value,the promotion effect on high-quality economic development is more obvious,showing an increasing trend.(3)Taking industrial structure as the mediating variable,a mediation effect model was established,with an impact coefficient of 0.3486,which was much smaller than the impact coefficient when the intermediary variable was not included in the model.Based on the above conclusions,this thesis proposes the following policy recommendations:(1)We should continue to increase investment in new infrastructure,continuously improve the level of scientific and technological development,and increase the research and application of core technologies.(2)Formulate reasonable regional differentiation of new infrastructure development strategies,overall coordination,rapid development of regions can send technology and equipment to relatively backward regions,with the eastern region to drive the development of the central and western regions,to achieve coordinated development and common development of the whole country.