| Since the reform and opening up,China’s economy has continued to grow at a high speed,and China has developed into the world’s second largest economy after the United States.China’s economic development achievements have amazed the world.When China enjoys the joy brought by economic development,what can’t be ignored is the problem of regional growth gap.The unbalanced contradiction of economic development is still quite prominent.The long-term existence of such differences will affect the overall economic efficiency,and is not conducive to the improvement of the welfare level of the whole society.Behind the rapid economic growth,it is a long-term dependence on factor-driven economic development at the expense of high investment,high consumption,and high pollution.However,under the ‘new normal’ of the economy,resources and the environment accompany this development model.The contradictions are increasingly prominent and the sustainable development of the economy is challenged.Gradually narrowing the gap in regional economic development,and achieving balanced economic development.To promote economic convergence has become one of the important goals of the country’s macroeconomic regulation and control.From the perspective of regional development differences,this paper comprehensively reviews and analyzes the existing research literature and research results,and examines the theoretical mechanism between innovation driven,fiscal decentralization,social financing structure and economic convergence growth.And then,from the perspective of spatial correlation,the paper studies the spatial effects and formation mechanism of innovation driven and fiscal decentralization on economic convergence growth.At last it examines the dynamic evolution of China’s social financing structure changes from a time series perspective,which reveal its granger causality with economic convergence growth.The main research contents and conclusions of this paper are as follows:Firstly,this paper analyzes the theoretical mechanism of innovation driven and regional economic convergence growth,and builds an innovation driven evaluation index system.It conducts spatial static and spatial dynamic research on panel data of China’s 30 provinces from 2005 to 2015,and time-phased and sub-regional verification,using spatial economic distance as the spatial econometric model of weight matrix,empirically examines the spatial spillover effect of innovation driven regional economic convergence growth and its formation mechanism.The main research conclusions are: when the innovation driven has a positive direct effect on the regional economic convergence growth,it also produces a positive spatial spillover effect,and the long-term effect is greater than the short-term effect.China has both economic conditions β convergence and club convergence.In 2012,China clearly stated that the innovation driven development strategy has a significant impact on regional economic convergence growth.Secondly,based on the characteristics of regional economic development differences,this paper analyzes the theoretical mechanism of innovation driven and fiscal decentralization and China’s economic convergence growth.It measures and constructs innovation driven indicator system and fiscal decentralization.It introduces spatial correlation factors into endogenous economic growth model.And using spatial economic distance as the weight matrix,the spatial analysis of the panel data of China’s 30 provinces from 2005 to 2016 is carried out.This paper judges the regional spatial correlation by the global and local spatial correlation test of Moran’s I index.It empirically examines the relationship between innovation driven,fiscal decentralization and China’s economic convergence growth,and carries out verification of sub-conditions,time-phases,and sub-regions to determine the convergence of China’s economy.The results show that:(1)In the sample period,this paper analyzes and tests the spatial analysis of 29 aspects through three different perspectives,and finds that there are both conditional β convergence and club convergence in China’s economic development.(2)The diffusion of innovation driven and the radiation effects brought about by fiscal decentralization have promoted China’s economic convergence growth.Among them,the role of innovation driven is more obvious,especially after the implementation of China’s innovation driven development strategy in 2012.The convergence trend of China’s economic growth is becoming more apparent.(3)The combined effect of innovation driven and fiscal decentralization has an accelerating impact on China’s economic convergence growth,increasing regional economic convergence and shortening half-life.Thirdly,this paper describes the changes of China’s social financing structure,establishes a model of social financing structure and economic convergence,and uses the time series of 2002-2016 to use unit root,cointegration test and granger causality test.It verifies the relationship between China’s social financing structure and economic convergence growth.The empirical results prove that granger causality exists in the change of social financing structure and economic convergence,and the change of social financing structure promotes the development of economic convergence.However,among the seven aspects that constitute the social financing structure,only granger causality exists between RMB loans and economic convergence.The increase of RMB loans promotes economic convergence and illustrates the important position of RMB loans in the social financing structure.At the same time,entrusted loans are the Granger reason for the social financing structure.Economic convergence,RMB loans,and entrusted loans are the granger reasons for corporate bonds,indicating that entrusted loans have played an active role in the social financing structure,economic convergence and RMB loans.Changes in the three types of entrusted loans have contributed to changes in corporate bonds.Fourthly,in order to conduct a relatively comprehensive evaluation of the innovation driven,this paper establishes a relatively complete evaluation index system,which overcomes the shortcomings of the past research on the use of R&D funds or invention patents to represent the innovation driven.In order to better reflect the existing characteristics of social and economic development,and avoid the use of spatial physical distance as the bias of the model set by the weight matrix,this paper selects the economic distance as the weight matrix.This paper not only expands the research perspective of economic convergence growth,but also provides theoretical support for the implementation of innovation driven development strategy and coordinated development of regional economy.Fifthly,on the basis of the above mentioned main research work,this paper considers that economic convergence growth is an important and complex issue,and also an ancient and realistic issue in macroeconomic development of the world.When formulating the economic development strategy,the government should pay attention to the interaction mechanism of spatial correlation,give play to the role of innovation leading,driving and demonstrating in areas with strong innovation driven capabilities,enhance the complementarity of local fiscal decentralization,and pay attention to the internal coordination of social financing structure,build a diversified social financing system,accelerate the construction of multi-level financial markets,optimize the social financing structure,meet the diversified financing needs in economic development and transformation activities continuously,build a regional shared development platform actively,promote regional cooperation and exchanges,and narrow down the development gap between backward areas and the advanced regions,achieve economic convergence growth gradually. |
