Research On The Influence Of Fossil Energy Price Distortion On High-Quality Economic Development

The basic economic development feature of China in the new era is the transition from high-speed growth to high-quality development.The social contradictions at this stage have changed and higher demands have been placed on the socialist market economic system.However,the market-oriented allocation mechanism of production factors is not yet perfect.China has become the largest energy producer and consumer.The market reform process of energy factors is lagging behind,and fossil energy prices are severely distorted,which is not conducive to improving the efficiency of energy resource allocation and affecting high-quality economic development.Based on the above background,this paper aims to explore the impact of fossil energy price distortions on the high-quality economic development of China.First,this paper analyzes the process of energy price reform and summarizes the effects of restraining technological innovation,hindering industrial transformation and upgrading and reducing environmental quality.Secondly,the indicator system is adjusted and updated on the basis of the five major development concepts.According to the “14th Five-Year Plan”,the fundamentals of economic growth,innovation drive,people’s well-being,and green development are proposed to build a comprehensive index system for high-quality development.Entropy weight method and principal component analysis method are used to calculate the indexes of each dimension and the composite index.In the end,this paper adopt 2000-2017 data of 30 provinces of China,and build dynamic panel model and PSTR model to estimate the effect of fossil energy price distortion on high-quality economic development.The results show that:(1)High-quality economic development index of China show a trend of continuous improvement,and the economic development dimension index has the highest value.The green development and innovation-driven dimension index is consistent with the overall development trend.Horizontally,the quality of economic development in the eastern region is higher than that in other regions.(2)Fossil energy price distortion has a significant negative inhibition effect on the comprehensive index of high-quality economic development.For each unit increase in fossil energy price distortion,the comprehensive index of high-quality economic development decreases by 0.0225 units.After changing the estimation method and replacing the core explanatory variables,the empirical results still have strong robustness.(3)The positive distortion of fossil energy price has a greater impact on high-quality economic development than the negative distortion.In regions with high quality economic development,the negative impact of fossil energy price distortion is greater.(4)Only when fossil energy price distortion exceeds the threshold,will it have a significant negative impact on high-quality development Based on the above findings,relevant policy suggestions are put forward to promote the high-quality economic development of China.