Infrastructure Investment and Economic Growth Quality: Empirical Analysis of China’s Regional Ddevelopment
Infrastructure Investment and Economic Growth Quality: Empirical Analysis of China’s Regional Ddevelopment
复制标题
基础设施投资与经济增长质量：中国区域发展的实证分析
作者：
Jin Zhou;Ali Raza;Hongguang Sui
本文利用中国29个省（市、自治区）的区域面板数据，系统考察了基础设施投资对经济增长质量的影响。运用主成分分析方法，建立了一个综合指标来考察经济增长质量。回归结果表明，我国基础设施投资并未超过临界值，经济增长质量显著提高。使用区域平均投资水平和基础设施存量作为2SLS和系统GMM测试的工具变量，结果是稳健的。此外，中介分析证实，基础设施投资通过资源的物理和物质循环、市场整合和知识资本演进来促进经济增长。总体而言，研究结果为基础设施投资提供了更深刻的政策启示。
The study aims to systematically examine the role of infrastructure investment on the quality of economic growth by using the regional panel data of 29 Chinese provinces. A comprehensive index is developed using the principal component analysis (PCA) to observe the economic growth quality. Regression results show that China’s infrastructure investment has not exceeded the threshold, and the quality of economic growth has improved significantly. The results were robust using the regional average investment level and infrastructure stock as instrumental variables for 2SLS and system GMM testing. Further, the mediation analysis confirms that infrastructure investment improves economic growth through the physical and material circulation of resources,.market integration, and knowledge capital evolution. Overall the results provide more profound policy enlightenment with regards to infrastructure investment.