After 40 years of relentless efforts, China＇s reform of the S＆T system has achieved great progress and has invigorated the vibrancy of innovation. As noted in the Report of the 19th CPC National Congress, China shou...After 40 years of relentless efforts, China＇s reform of the S＆T system has achieved great progress and has invigorated the vibrancy of innovation. As noted in the Report of the 19th CPC National Congress, China should continue reforming its S＆T system, create a market-based innovation system with companies as the backbone and production-education-research integration, support the innovation of SMEs and promote S＆T commercialization. S＆T innovation has yet to play a greater role in supporting economic development. After taking stock of the achievements and challenges of China＇s S＆T reform, this paper puts forward policy recommendations on deepening S＆T reform and implementing an innovation-driven development strategy. Based on China＇s aggregate data of economic development during 1979-2015, this paper employs growth accounting method to estimate the TFP index denoted by the Solow residual. Our research found that since reform and opening up in 1978, China＇s TFP experienced ups and downs and TFP improvement spurred rapid economic development, while capital input remains the primary source of China＇s economic growth. During 2008- 2015, China＇s TFP growth slowed and high capital input coexisted with low productivity and high economic growth.展开更多
文摘After 40 years of relentless efforts, China＇s reform of the S＆T system has achieved great progress and has invigorated the vibrancy of innovation. As noted in the Report of the 19th CPC National Congress, China should continue reforming its S＆T system, create a market-based innovation system with companies as the backbone and production-education-research integration, support the innovation of SMEs and promote S＆T commercialization. S＆T innovation has yet to play a greater role in supporting economic development. After taking stock of the achievements and challenges of China＇s S＆T reform, this paper puts forward policy recommendations on deepening S＆T reform and implementing an innovation-driven development strategy. Based on China＇s aggregate data of economic development during 1979-2015, this paper employs growth accounting method to estimate the TFP index denoted by the Solow residual. Our research found that since reform and opening up in 1978, China＇s TFP experienced ups and downs and TFP improvement spurred rapid economic development, while capital input remains the primary source of China＇s economic growth. During 2008- 2015, China＇s TFP growth slowed and high capital input coexisted with low productivity and high economic growth.
