Can ‘new’ infrastructure become an engine of growth for the Chinese economy?

IF 2.4 Q2 ECONOMICS
Jiayin Meng, Yite Zhu, Yang Han
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引用次数: 6

Abstract

ABSTRACT This paper explores the effect of new infrastructure on economic growth from the aspects of tangible and intangible assets. According to empirical analysis, we conclude that traditional infrastructure directly contributes to the Chinese economic growth via fixed asset formation, while new infrastructure has overall insignificant direct effect on growth, i.e. it is unrealistic for new infrastructure to become an engine of growth for the Chinese economy in the short run. But it is also worth noting that new infrastructure does have the potential to promote the upgrade of industry structure and therefore boost economy in the long run. Based on the modelling results as well as the nature of new infrastructure, it is suggested that new infrastructure investment is not suitable to act as a short-term stimulation especially under Covid-19 pandemic despite its great potential in the long term.
“新”基础设施能否成为中国经济增长的引擎?
本文从有形资产和无形资产两个方面探讨了新建基础设施对经济增长的影响。实证分析表明,传统基础设施通过固定资产形成直接促进中国经济增长,而新建基础设施对经济增长的直接影响总体上不显著,即新建基础设施在短期内成为中国经济增长的引擎是不现实的。但值得注意的是,从长远来看,新的基础设施确实具有促进产业结构升级从而拉动经济的潜力。根据建模结果以及新基础设施的性质,建议新的基础设施投资不适合作为短期刺激,特别是在Covid-19大流行期间,尽管其长期潜力巨大。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
4.50
自引率
5.00%
发文量
22
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