Research On The Transformation And Upgrading Of Zhejiang Private Economy Under The New Normal

Since the reform and opening up,the rapid development of private economy in Zhejiang,and gradually become the main force to promote economic growth in Zhejiang.But China's economy has entered a new normal,economic growth rate shift from high-speed growth to Medium and high speed growth.Under the change of economic environment,the private economy in Zhejiang must maintain the growth momentum through the transformation and upgrading,which is driven by the original factor to the growth of innovation driven growth.In this paper,based on a number of economic theory model,the study believes that technological innovation is the driving force of the transformation and upgrading of private economy in Zhejiang,the main line is the improvement of total factor productivity,the goal is to achieve endogenous economic growth.Taking private industry as an example,the growth rate of private industry in Zhejiang from 2006 to 2015 was roughly the same as that of GDP in Zhejiang province ".Then this paper uses the panel data of private industry,using the method of Malmquist index and DEA envelope,the study found that the total factor productivity of Zhejiang private industry in Zhejiang province and the industrial TFP growth rate is roughly the same as that of the private industrial TFP growth mainly from growth in scale efficiency,there exist at least 26 industries over investment problem of 33 private industry in the industry,the conversion efficiency of innovation has started to decline from 2011.Therefore,firstly,the promotion of the total factor productivity of private industry should change from promoting scale efficiency to promoting the technological progress and technical efficiency.Secondly,the private economy should actively with universities and research institutes to promote the transformation of innovation achievements.With the transformation and upgrading of the experience of developed countries and regions,this paper argues that the transformation of Zhejiang private economy under the new normal upgrade should first grasp the overall situation,the Zhejiang provincial government should continue to deepen the comprehensive reform,put the tube in service,stimulate the vitality of market players,reduce enterprise cost through tax reasonable design,strengthen the technology innovation enterprise incentive,perfect the education safeguard mechanism,especially increase the occupation education investment,enterprises should pay attention to talent introduction and cultivation of talents,promote the integration of research,and actively promote the transformation and upgrading of the private economy.