Research On The Strategy Of Improving The Quality Of Hunan’s Economic Growth Under The New Normal

Based on the theoretical basis related to the quality of economic growth and the current economic development of Hunan Province,this paper discusses the quality of Hunan’s economic growth,based on the measurement and evaluation of economic growth quality,this paper explores the strategy of improving the quality of economic growth in Hunan Province under the new normal.Firstly,based on the existing research results,this paper expounds the relevant theories of economic growth quality systematically,including the connotation of economic growth quality,sustainable development and inclusive growth theory,and compares the economic development models of Hunan Province in different periods,and analyses the differences of economic development of Hunan Province before and after the new normal,so as to lay the theoretical foundation for the study.Secondly,this paper further optimizes the calculation of the quality of economic growth,establishes the evaluation index system of the quality of economic growth in Hunan Province,and then uses the two-step global principal component analysis method to determine the weight of each index and the weight of the sub-dimension,and obtains the sub-dimension index of the quality of economic growth of Hunan cities from 2000 to 2017(four dimensions of economic growth conditions,structure,efficiency and sharing)and the composite index.According to the evaluation results,the quality of Hunan’s economic growth is consistent with the economic development law of "stable growth and adjusting structure" under the new normal conditions.There are great differences in the quality level of economic growth among Hunan cities,and the gap of the quality level of economic growth among different regions remains unchanged.The growth rate of Hunan’s economic growth quality slows down.The quality of economic growth in Hunan Province is led by eastern cities(Changsha City,Zhuzhou City,Hengyang City and Xiangtan City),with the central cities(Changde City,Yongzhou City,Yueyang City)as the sub-core cities,the development trend of the central and western cities driven by the eastern cities has gradually taken shape.Based on the evaluation results of Hunan’s economic growth quality and its sub-dimension index,this paper constructs four panel vector autoregressive(PVAR)models between the four dimensions and economic growth quality to carry out empirical analysis,and specifically analyses the dynamic impact effects of different dimensions on economic growth quality.According to the analysis results,the primary and secondary degree of improving the quality of Hunan’s economic growth under the new normal is: economic growth efficiency,economic growth structure,economic growth sharing,economic growth conditions.Among them,the positive impact of conditions and efficiency dimensions on the quality of economic growth is long-term stable and sustainable,and the structural dimension can effectively promote the improvement of the quality of economic growth,sharing dimension has a positive impact on the quality of economic growth in the long run.The impact of efficiency dimension on the quality of economic growth has always been the largest contribution rate in the four dimensions.In the short term,the efficiency of economic growth and the structure of economic growth will have a greater impact on the quality of economic growth fluctuation.The contribution rate of efficiency dimension and structure dimension to the quality of economic growth is similar.In the long term,the fluctuation of economic growth quality mainly comes from the efficiency dimension.Finally,from the evaluation results and empirical results of the quality of economic growth,this paper can get the following five recommendations: Maintain macroeconomic stability and sustainable development;foster competitive advantage with emphasis on scientific and technological innovation,pay attention to the improvement of economic growth efficiency dimension;actively promote industrial restructuring and optimization;continuously improve social security system and improve economic growth sharing;increase support to the western region of Hunan Province,narrow the regional development gap.