Study on the Supply-Side Driving Force Structure of China Economic Growth and Its Evolution Features

Study on the Supply-Side Driving Force Structure of China Economic Growth and Its Evolution Features


Author: Lin Xiumei, Zhang Tingting, Sun Haibo  Journal:Journal of Xi'an Jiao Tong University  Date:2017(3)

Keywords China economy;economic growth;supply-side;driving force structure;structural decomposition

Abstract

Based on the supply-side perspective, this paper inspects the driving force structure and its evolution characteristic of China economic growth in 1992-2015 by using the structural decomposition analysis (SDA) from the aspects of productivity and the input structure of the factor. The results show that: From overall perspective, the exaltation of labor productivity is the core power for China economic growth. Reconfiguration of labor force in the industry is the second driving force. Structure of the initial input, the intermediate input and the total input in economy needs to be optimized dynamically. In the “new normal” economy, higher productivity contributes to economic growth significantly, and the extensive development mode in economy is further weakened. China's economy is in the primary stage of intensive development. From the industry perspective, the main growth momentum transfers from the second industry to the service industry gradually. The trend of service economy is obvious in the “new normal” for China .The labor absorption capacity of the service industry is pretty good. It is the dominant industry for promoting economic growth. It is still necessary to improve the production efficiency, optimize the structure of supply, conform to the trend of the service economy and realize the dynamic optimal configuration of labor in the future.

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