Abstract
Industrial structure plays a vital role in social and economic progress, as well as the core in the domain of industrial economics. This paper reviewed the coordination of industrial structure and employment rate in primary, secondary, and tertiary industry, respectively by looking at its coordination coefficient. More importantly, this paper examined the relationship between industrial structure and economic growth using panel data from 2011 to 2019 and constructing a GMM model to measure the effects. Our findings indicate that the acceleration in economic growth, to a large extent, can be credited to an enhanced contribution from the service sector.
Highlights
Industrial structure has always been a distinguished clue for sophisticated social and economic phenomena
In the new round of economic transformation, the constant adjustment and optimization of industrial structure are expected to reinvigorate the economy in regions, across countries, and eventually at the global level
According to the objective economic laws and experience from other countries, an emerging economy is faced with challenges of the upgrading of industrial structure, which provides an opportunity to get rid of the middleincome trap and gain competitive edges in international competition
Summary
Industrial structure has always been a distinguished clue for sophisticated social and economic phenomena. In the new round of economic transformation, the constant adjustment and optimization of industrial structure are expected to reinvigorate the economy in regions, across countries, and eventually at the global level. After the reform and opening-up policy in 1978, China has instigated a series of industrial restructuring to ensure the stable operation of the macro economy, including the strong support for light industry, the new normal of economic development, and the most recent structural reform on the supply side. On the basis of previous literature, this paper intends to investigate how industrial structure and the process of structural transformation affect economic growth in China. Another purpose is to find out the benign integrations between industrial structure and economic development while driving high-quality growth. Several suggestions are proposed to spur the continuous increasing of China’s economy
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