Technological progress for sustainable development: An empirical analysis from China

Abstract

Sustainable development has become a new engine to promote economic growth, in which scientific and technological progress, green finance and the efficient development of a green economy have become the main driving forces of economic and societal development. Hence, the continuous improvement of innovation ability through scientific research innovation, as well as the rapid development of the technology market, is an important force for the sustainable development of China. Therefore, by first analysing the related data from 2001 to 2020 of China’s technology market, the time series value of the comprehensive evaluation is obtained. Then, based on the unit root test, cointegration test and Granger causality, this study explores the relationship between the technology market turnover and scientific research innovation. The results show a second-order cointegration between the technology market turnover and scientific research innovation. Scientific research innovation can promote the development of the technology market from the perspective of long-term equilibrium and reverse correction in the short term. Mutual Granger causality and a first-order significant lag are observed between technology market development and scientific research innovation. It is necessary to further improve the management mechanism of the technology market. The government should promote the continuous innovative development of the technology market to improve the efficiency of resource allocation and enhance the connection between the technology market and innovation subjects.