Driving Force For China’s Third Economic Growth Transformation

Huang Taiyan
Research Center of China’s Private Enterprises, Renmin University of China, Beijing, China

Abstract:  This paper proposes that due to its reduced level of economic growth, China must identify a replacement driver for its economic development. By conducting empirical tests of China’s two rounds of economic growth driving force transformation in its more than 30 years of reform and opening-up, this paper has revealed the internal mechanism of the reform and growth cycles and the transformations, and demonstrated that China’s current economic slowdown is not the inadequacy of policies and measures for the expansion of domestic consumption but the necessity to replace the growth engine to drive the country’s third round of growth driving force transformation. Lastly, this paper has identified the approach and measures to encourage the transformation.

Keywords: The third round of growth driving force, theoretical hypothesis, empirical test

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