The Impact of Technological Innovation on Economic Growth: Evidence from China

Abstract

The development of technological innovation has a significant impact on economic growth. Based on China's data from 1990 to 2019, we study the impact of technological innovation on China's economic growth. To solve this problem, this paper adopts theoretical mechanism analysis and empirical model research. The theoretical analysis results show that the progress of technology will make a country's economy develop continuously. By building the OLS model and WLS model, we find that when the government's financial expenditure on science and technology innovation increases, it will greatly improve economic growth. This shows that a country's economic growth needs the promotion of technology and the strong support of the government, and financial support has the most significant effect on economic growth.