Research On The Transformation Of Driving Factors Of China’s Economic Growth Since Reform And Opening Up

It has been more than 40 years since the reform and opening up.China’s economic growth has experienced the stage of starting,taking off and now high-quality growth.Under the historical background of China’s economy entering the new normal and emphasizing accelerating the transformation of economic growth mode,an in-depth understanding of the contribution and potential of various driving factors to China’s economic growth,a summary of the experience of China’s economic growth since reform and opening up,and a judgment on the current development stage of China will help to further stimulate the momentum of China’s economic growth,which is of great significance of the times.By analyzing the characteristics of the transformation of driving factors of China’s economic growth since the reform and opening up,this dissertation studies the different stages of China’s economic growth since the reform and opening up,and believes that China’s economic growth has achieved a leap from "capital led" to "innovation driven".Firstly,this dissertation summarizes the general law of the transformation of economic growth driving factors from the theoretical logic,and explains the internal logic of the transformation of economic growth driving factors from the perspective of preconditions,external pressure,realization path and system choice.Then,based on the provincial panel data,China’s economic growth is calculated.The empirical results show that the driving factors of China’s economic growth change from "capital leading" to the parallel stage of "capital pulling" and "innovation germination",and then to the stage of "innovation driving".After the first transformation,China’s economic growth model has changed from capital led to capital and technological progress to jointly promote economic growth.Among the many factors that promote technological progress,the degree of opening to the outside world is the most important driving factor at this stage;The second transformation took place after the financial crisis.The adverse impact of the economic crisis made China start the economic growth of "investment led recovery";Recently,China has begun to enter a new growth stage,with the capital contribution rate declining and the contribution of total factor productivity rising.China’s economic growth has shown the characteristics of "innovation driven".The key driving factors at this stage are the adjustment of industrial structure,the improvement of human capital and R&D investment.In view of the above conclusions,this dissertation puts forward three policy suggestions from the perspective of optimizing the kinetic energy of economic growth and promoting sustainable economic growth.First,we should establish a mechanism of stock optimization,incremental optimization and investment,and speed up the process of capital quality improvement;Second,we should promote the development of all kinds of education at all levels and improve the level of human capital;Third,we should improve the technological innovation system and enhance the ability of independent research and development.