The Main Factors Change of Economic Growth, Regional Economic Disparities in China and Economic Transformation of China

摘要

This paper, based on regional panel data from 2003 to 2015 in China, uses mixed estimate dynamic growth model to empirically test the relationship between the main factors change of economic growth and regional economic disparity and economic transformation in China. The empirical results show that the power structure of growth factors has changed. Human capital has become the first driving force for economic growth, and physical capital's effects still cannot be ignored in the long term, and the role of labor take a back seat in the end. Total factor productivity is an important factor that affects economic growth. The factor allocation is unbalanced within regions. Human capital and total factor productivity are important factors which cause the regional economic differences. This indicates that China is transforming from after-Malthusian growth phase to a modern economic growth phase, in which the change of the population structure will play an important role. Chinese economic transformation should be advanced according to the order based on the reality of regional economic disparity. To increase human capital investment and improve total factor productivity are inevitable choices for China to succeed in achieving transformation and long-term economic growth target.