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The Source of Momentum for Producer Services Growth in China: A Research from the Perspective of Driving Force Deconstruction

【Authors】
YANG Chen, YUAN Xiaoneng
【WorkUnit】
Nanjing University of Finance and Economics, 210093.
【Abstract】

Against the background of driving force conversion, this paper selects the provincial-level data about the service sector from 2005 to 2016, uses the SFA model, and sets the trans-log production function to portray the source of growth for China's producer services. We found: (1) the trend of TFP in China's producer services is characterized by multi-stage changes, technological progress is the main positive driving force, and the growth of the industry is “technology-led”; (2) innovation in TFP is the main driving force of producer services' growth, and the structure of driving force is reasonable; (3) the drive structure of niche industries varies greatly, and the conversion of driving force must take into account industry characteristics; (4) the developed areas can better respond to exogenous shocks and policy stimulus, and innovation is the main driving force, but other regions' new driving force is weak, and the old driving force has led to extensive growth, and the their drive structure may evolve to an irrational state. In response, this paper puts forward that we should seize the opportunity to promote innovation-driven development model, and take producer services as the important battlefield for the cultivation of new driving force. In particular, we must take into account the heterogeneity of different industries and regions and formulate targeted conversion strategies.

JEL:L80, O14, O47

【KeyWords】
Producer Services, New and Old Driving Force, SFA (Stochastic Frontier Analysis), TFP (Total Factor Productivity)