Study On The Influence Of "New Infrastructure Investment" On High-quality Economic Development

The world is now in the post-COVID-19 era,with increasing downward pressure on China’s economy and increasing scale of new infrastructure construction.As an important part of fixed asset investment,it is necessary to give full play to the moderating effect of new infrastructure investment on economic growth so as to maintain stable economic growth.High-quality development is increasingly becoming the direction of our future economic development.Therefore,a new development pattern with domestic cycle as the main body and the domestic and international cycle promoting each other should be built.We will promote effective qualitative and quantitative economic growth.Based on this background,this paper attempts to theoretically study the relationship between new infrastructure construction investment and high-quality economic development,and make an empirical analysis.In terms of theoretical analysis,based on investment theory and economic growth theory,this paper investigates from three dimensions of integration infrastructure construction,innovation infrastructure construction and information infrastructure construction,and analyzes the mechanism of action between new infrastructure investment and high-quality economic development,so as to describe the action path of new infrastructure investment on high-quality economic development.On this basis,this paper makes a descriptive analysis of the status quo of the two,adding facts to the empirical part.In the aspect of empirical analysis,the dynamic panel model is established by taking each province and city in China from 2003 to 2021 as samples,and the system GMM method is used to explore the promoting effect of new infrastructure investment on high-quality economic development and the nonlinear transmission mode between the two.The conclusions are as follows:(1)New infrastructure investment has a positive effect on high-quality economic development.Among them,"information transmission,software and information technology service industry" can significantly promote economic development.Meanwhile,the promotion effects of the five dimensions of high-quality economic development are different.(2)There is a threshold value of new infrastructure investment for high-quality economic development,and the promoting effect coefficient is small before the threshold value,but larger after reaching the threshold value;(3)Through the further study of the samples,it is found that the effects of new infrastructure investment are different in different regions.Among them,new infrastructure investment has the strongest promotion effect on the eastern region,followed by the central and western regions,and has a inhibitory effect on the Northeast region.Based on the above research and analysis results,this paper puts forward relevant policy suggestions from five aspects: the intensity,strategy,structure,investment and financing suggestions,and management in the later stage of the new infrastructure investment.