The Measurement and Influencing Factors of High-Quality Economic Development in China

Abstract

From the perspective of economics, high-quality economic development is a concept that is not easy to grasp. How to quantify high-quality development is also a relatively complex topic. The combination of economic growth and development is high-quality economic development, reflecting the core connotation of the modern economic system. It is of great significance to measure the quality of economic development and study its influencing factors. Based on the new development concept of “innovation, coordination, green, openness, and sharing”, this paper establishes an evaluation index system for the high-quality development level of China’s economy. Then, the principal component analysis method was used to measure China’s high-quality economic development level and that of each province in China. Combined with high-quality development’s meaning and essential features, we can correctly judge the regional economy’s specific situation of high-quality development and analyze the results of high-quality economic development from the perspective of time series and spatial evolution. Based on this, we further explore the main factors that influence the level of high-quality economic development. Finally, some feasible suggestions are put forward to improve the quality of China’s economic development and promote the completion of economic transformation. The main contribution of this paper is that the use of principal component analysis can reduce the dimensional and order-of-magnitude differences between the indicators. In this way, we can better measure the high-quality development level of China’s economy, analyze its main influencing factors, and provide new possible paths for China’s economic transformation.