Research On New Economic Development And Innovation Driving Factors In China

While being rapidly and healthily developed,the economy has been given new meanings and appearances.In order to objectively describe the process of the New Economy development,the evaluation and research methods should definitely catch up.Meanwhile,under the circumstance of innovation-driven development,it is of great practical significance to explore the relationship between the paces of the New Economy and innovation progress,which provides decision basis for further steps to boost the trend.Firstly,on the basis of characteristics of the New Economy,the article has selected 26 indicators to set up an evaluation system for the New Economy development,from 3 dimensions containing new factors,new carriers and new patterns.Ratio and square methods were applied for data standardization,while anti-entropy method was adopted to determine the corresponding weights of the indicators.The study reached the conclusion that the development of the New Economy in China blossomed with an average annual growing rate of 18.7%during the period from year 2007 to 2016.Further researches have been made to explore the developing coordination.The degree of coordination among the dimensions was found to be gradually increasing by using the coupling and coordinating model,and the year 2012 could be viewed as a turning point which ended the previous incoordination.Although the development of the China's New Economy is stepping into a new epoch with the coordination rising,the new factor which plays an important role of sustainment lags behind.Therefore,it is both necessary and effective to improve the cultivation of new factors as well as the accumulation and application of new knowledge and technologies,so as to fuel the economic machine and maintain sustainable development.Secondly,according to the guidance "Innovation is the No.1 driving force to lead the development",the article has filtered out several main innovation drivers that affect the development of the New Economy.A whole set of gray relative correlation analysis has been run to discover and explain the relationship between the economic development and the innovation drivers.The study has found that the organizational innovation accounted most for the comprehensive development of China's New Economy while the human factors was less influential,which implied insufficiency in institutional innovation.Further analysis pointed out that the correlations between the three dimensions of the New Economy development and those of innovation drivers would differ.For example,the new factor,new carrier and new pattern was correlated most with human resources,relatively low correlation with institutional innovation.Moreover,solutions were provided for lack of innovation driving power.Thirdly,a prediction of economic development level and the three dimensions in 2017-2022 has been made via an improved discrete gray model DGM(1,1).The forecasting has shown that the China's New Economy is now in the ascending channel.Among all these dimensions,the new pattern comes first for its great contribution on the comprehensive development level.However,the new factor keeps a relatively slow pace,which slows down the boom and hence should be brought to the forefront.Finally,based on the main problems in the China's new economic development as well as the research results concerning correlations between economic development and innovation drivers,the article put forward specific proposals for boosting innovation-driven new economy and controlling the strategic commanding point of development.