Public Service Consumption,human Capital Accumulation And High-quality Development Of Economy

Consumption is an important engine of economic development.Final consumption is composed of public consumption and resident consumption.Today,the role of public consumption in boosting the economy is becoming more and more prominent.The rising amount of public consumption can not only promote consumption growth directly,but also be an important engine and reliable guarantee to drive resident consumption growth.This paper not only inspect the impact of public consumption on resident consumption,but also focuses on the role of public service consumption on people,considers adding human capital elements,and explores the long-term impact of public consumption on high-quality economic development.This paper aims to study China’s high-quality economic development from the perspective of public service consumption and human capital accumulation,so as to provide practical basis and decision-making reference for further optimizing the supply of public services,promoting the driving force of economic growth and boosting high-quality economic development.Firstly,this paper recapitulates and arranges the existing literature on public service consumption,human capital accumulation and high-quality economic development at home and abroad.On this basis,this paper attempts to bring public service consumption,human capital accumulation and high-quality economic development into the same logical framework for analysis;Secondly,this paper analyzes the theoretical mechanism of the interaction between public service consumption,human capital accumulation and high-quality development of economy;Thirdly,this paper builds up a comprehensive index of high-quality development of economy reflecting the new development philosophy through principal component analysis,and tests the influence of public service consumption on high-quality development of economy empirically by making using of the provincial panel data from2007 to 2019 based on the existing academic research.Even after taking the endogenous problem,robustness test and heterogeneity analysis into consideration,the conclusion is still reliable.At the same time,it also makes a mechanism analysis with human capital as an intermediary variable;Finally,according to the research conclusions,this paper provides policy suggestions to promote human capital accumulation by public service consumption,so as to promote high-quality development of economy.Basing on both theoretical and empirical research results,this paper mainly draws the following three conclusions: Firstly,China’s public service consumption promotes the high-quality progress of regional economy;Secondly,the impact of China’s public service consumption on regional high-quality economic development has obvious regional heterogeneity,especially in the eastern and central regions.Thirdly,using the intermediary effect model to analyze the mechanism,public service consumption can promote the accumulation of human capital.Fourthly,using the intermediary effect model to analyze the mechanism,the results also show that public service consumption promotes the high-quality development of regional economy by acting on human capital.The policy implication is that the state should appropriately raise the consumption of public services,promote the equalization of human capital accumulation with the equalization of public services,improve the quality of labor force and strengthen the high-quality development of economy through the cultivation of senior talents.Comparing this paper with the existing literature,the possible innovations of this paper are as follows: First,trying to find out the realizable mechanism and effective path to promote high-quality economic development from the perspective of public service consumption,demonstrating that public service consumption has a long-range mechanism for high-quality development-human capital accumulation.Second,according to the results of this study,providing meager suggestions on how to use public service consumption and human capital accumulation to achieve high-quality economic development.