Abstract
This paper employed 4 indicators, which are good for economic development, as research subjects, i.e., capital stock, human capital, R&D input and energy consumption. After that, this paper calculated capital and human capital stock reasonably and employed the path analysis in structural equation model (SEM) to estimate the path coefficient of these indicators on economic development. It is shown that the development in China mainly relies on cheap labour force and capital. In the past 30 years, the role of technology to promote economic growth is mainly realized by the path effect of capital, which is conducive to economic growth. However, with the development of economy, much more attention should be paid to human resource and energy consumption, improving their ability in absorbing and using technology, to realize sustainable and low-carbon development.
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