Journal
APPLIED SCIENCES-BASEL
Volume 11, Issue 22, Pages -Publisher
MDPI
DOI: 10.3390/app112210832
Keywords
sustainable economic growth; least squares estimation; stepwise regression; ridge regression estimation; Lasso regression; China
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Funding
- Social Science Funding Project of Jiangsu Province [18GLB024]
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Through empirical analysis, the study identifies key factors affecting China's economic growth, including consumption levels, development of the tertiary industry, financial development, and industrialization. These factors have varying degrees of impact on promoting economic growth in China.
The purpose of this article is to screen out the most important factors affecting China's economic growth. Based on a literature review and relevant financial theoretical knowledge, China's economic growth factors are selected from international and domestic aspects. Four methods, including least squares estimation, stepwise regression, ridge regression estimation, and Lasso regression, are used to screen and optimize 12 variables and analyze the degrees of influence empirically. The study finds that consumption levels and the development of the tertiary industry play significant roles in promoting China's economic growth. Additionally, financial development and industrialization promote China's economic growth, although in a gradual manner.
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