Abstract：Under the impact of external uncertainty shocks, China's economic growth has demonstrated remarkable resilience, reflecting the transformation and evolution of its growth drivers. This paper employs time series data from 1996 to 2025 in China, and constructs TVP-SV-VAR and QVAR models to empirically analyze the time-frequency variation characteristics of the transformation of growth drivers such as demand, traditional industries, and high-tech industries from the dimensions of time-varying and differences under different levels of external uncertainty. The results show that: (1) From the Asian financial crisis to the global pandemic, the main drivers of China's economic growth have shown a dynamic variation feature from demand expansion to traditional industry development and then to high-tech industry development. (2) Under low and medium levels of external uncertainty, demand expansion is the primary driver for promoting economic growth. (3) Under high levels of external uncertainty, high-tech industries become the primary driver for promoting economic growth. Currently, the top priority for promoting economic growth is to develop new quality productivity. In the long term, a monitoring and assessment system for external uncertainty should be established to organically combine expanding effective demand with promoting the development of high-tech industries.

Keywords：External uncertainty; Economic growth; Time-Frequency variation characteristics; QVAR model