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| Heterogeneous Effects of Basic Research and Applied Research on High Quality Economic Development: from the Perspective of "Middle Income Trap" Risk |
| Hu Xuhua1,2,Lv Chengyang2,Ding Xuhui1,2 |
| (1.Institute of Industrial Economics, Jiangsu University;2.School of Finance and Economics, Jiangsu University, Zhengjiang 212013, China) |
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Abstract At present, China's internal and external development environment has changed.The space for economic growth driven by investment has narrowed, the demographic dividend has gradually disappeared, and the weak traditional economic momentum has exacerbated the risk of China falling into the "middle-income trap".Scholars have conducted a lot of research from the aspects of income gap, supply and demand structure and financial development, and found that although the improvement of the above factors can obtain benefits and promote economic growth, they can not avoid the law of diminishing marginal return in the end.From a long-term perspective, only by focusing on investment in technological innovation can China achieve high-quality economic development and thus overcome the "middle-income trap".Basic research and applied research, as two types of heterogeneous R&D activities, both play an important role in China's technological innovation.Therefore, conducting differentiated research on different types of R&D activities and clarifying the heterogeneous impact of basic research and applied research on high-quality economic development can provide a theoretical basis for China to overcome the "middle-income trap".
This paper selects the improvement of economic efficiency and the transformation of economic kinetic energy to comprehensively measure the high-quality development level of China's economy, in which the DEA-Malmquist index method is used to calculate the total factor productivity (TFP) as the proxy variable of economic efficiency improvement; the ratio of the output value of the tertiary industry to the output value of the secondary industry is used as the measurement index of China's economic kinetic energy transformation.Using the 30 provincial panel data in Mainland China from 2001 to 2017 as a sample, reveal the impact and mechanism of heterogeneous R&D activities on the high-quality development of the Chinese economy from the perspective of the risk of the "middle income trap", and whether there is a threshold effect in basic research , and used multiple regression equations to predict and analyze the average annual growth rate of China's basic research investment under the "middle-income trap".The results found that: (1)Both basic research and applied research are conducive to the improvement of economic efficiency, and only basic research significantly promotes the conversion of economic kinetic energy.(2)There is a gap in income levels in the eastern, central and western regions.Basic research has a stepwise regional heterogeneity effect on the high-quality economic development.It has a significant promotion effect on the economic efficiency of the eastern region, has no significant effect on the central region, has a significant inhibitory effect on the western region, and only has a significant effect on the conversion of economic kinetic energy in the eastern region, but the applied research has no significant regional heterogeneity effect.(3)Basic research has a significant threshold effect.Basic research will promote the high-quality development of the regional economy only when a certain income level is reached.(4)In order to successfully overcome the "middle-income trap" around 2025, China's basic research investment needs to maintain an average annual growth rate of 24.7% and 29.3% in the future.
Based on the research conclusions, this paper puts forward the following policy recommendations： (1) Formulate differentiated innovation incentive policies based on the level of economic development.The eastern region should increase investment in basic research and enhance original innovation capabilities; the central and western regions should focus on imitating innovation, focus on investment in applied research, and actively absorb technological spillovers from the eastern region； (2)Increase government investment in basic research.Local governments should increase support for basic research, actively build major national science and technology infrastructure such as national laboratories, national key laboratories, and comprehensive national innovation centers, and strengthen strategic support for science and technology.In the future, the growth rate of basic research investment should be maintained at \[24.7% and 29.3%\]；(3)Strengthen the construction of intellectual property protection system.The government should play the role of "night watchman", formulate a high-level intellectual property protection system, protect the innovation achievements and innovation income of innovation subjects, and enhance the overall innovation enthusiasm of the society.
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Received: 06 February 2021
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