How Does Traditional and New Infrastructure Investment Promote Economic Growth?
Based on panel data from 31 provinces,autonomous regions and municipalities in China from 1997 to 2020,this paper empirically tested the economic effects of government-led infrastructure investment and explored the impact of traditional and new infrastructure investment on economic growth.This paper found that:Firstly,the traditional and the new infrastructure investment are interdependent,constrained,and jointly promote growth.Both of them significantly improved overall labor productivity.But after stripping away the impact of traditional infrastructure investment,it was found that the promotion effect of basic new infrastructure investment on economic growth is much greater than that of traditional infrastructure invest-ment.Secondly,regional location advantages,human capital,social capital,trade comparative advantages and geographical location had heterogeneous effects on the economic effects of infrastructure investment.Regions with low real estate value,low human capital level,low transfer payment level,low trade degree and the eastern and central regions benefited more from infrastructure investment.Thirdly,from the perspective of the triple upgrading of demand structure,supply structure,and efficiency structure,it was found that traditional infrastructure investment can promote the upgrading of supply structure,but it hindered the upgrading of demand structure,while having no significant impact on the upgrading of efficiency structure.While new in-frastructure investment promoted the triple upgrading of demand structure,supply structure and efficiency structure.Fourthly,the economic promotion effect of traditional infrastructure investment was more lasting and stable,but the degree of effect was relatively flat.The economic promotion effect of new infrastructure investment was more rapid and significant,but the duration of effect was relatively short and unstable.This paper provided a compar-ative analysis of the impact of traditional and new infrastructure investment on economic growth,enriches relevant research on infrastructure investment and provides theoretical support and empirical evidence for assisting China's economic restructuring,mode transformation and growth promotion.
traditional infrastructure investmentnew infrastructure investmenteconomic growth
国家科技期刊平台
NSTL
万方数据
维普
