High-speed Rail and Urban Economic Growth in China after the Global Financial Crisis

摘要

High-speed rail (HSR) has been an important driver of China's economic expansion over the last decade.Using data of 285 prefecture-level cities over 2010-2014,this paper proposes an endogenous economic growth model to explain how and why HSR may have propelled China's economic growth by reducing the time-space between cities.The research results show that HSR has a potent effect on urban economic growth and regional convergence.Ceteris paribus,HSR appears to have accelerated economic growth by more than 0.6 percent and the pace of regional economic convergence by approximately 2 percent per annum over the data period Our research findings have important policy implications for the sustainability of China's economic development,backed by HSR.