Research on the Measurement of the New Kinetic Energy of Economic Development in Guangdong Province Based on Factor Analysis

Abstract

Guangdong Province is the largest economic province in China. The study on the measurement of the new kinetic energy of economic development in Guangdong Province is helpful to the high-quality development of Guangdong's economy. Taking Guangdong Province as an example, 13 indicators were selected from four dimensions of openness level, development effectiveness, scientific and technological innovation, and economic vitality to construct a measurement and evaluation system for the new kinetic energy of economic development in Guangdong Province. Three common factors, namely external and science and technology, innovation and development, and economic vitality, were obtained by using factor analysis method. The total score of the new kinetic energy of economic development in Guangdong Province was calculated and empirically analyzed. The model has a good effect and the empirical results show that the growth rate of the new growth drivers of Guangdong's economy is obvious, but it is still at a low level of development, and there is a large room for improvement. Finally, three suggestions are put forward to stimulate innovation, enhance the openness level and optimize the industrial structure.