Abstract
With the worsening of the international situation, domestic demand has become the main driving force for China's economic development. As an intermediate link connecting production and exchange, the circulation industry has an irreplaceable advantage in stimulating domestic demand and stimulating consumption. Therefore, this paper uses the Malmquist index method to calculate the total factor productivity and its composition of China's circulation industry from 2000 to 2018, so as to analyze the development efficiency of China's circulation industry in the past 20 year.According to the results of empirical analysis, technological progress has promoted the development of circulation industry in the past 20 years. In order to improve the efficiency of circulation, this paper suggests that the government should optimize the circulation industry from the aspects of the main body of circulation industry, industrial structure and industrial policy, so as to promote the overall development of the circulation industry.
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