What Drove the Miracle of Miracles—Zhejiang's Economic Development?
分析了1978-2009年浙江经济增长的驱动因素，发现人力资本、资产投资和工业化对GDP增长有显著正向影响，且不同时期主导因素不同。
China became economic miracle of world,with its annual growth rate of about 10% over past three decades.Zhejiang's economic development could be called the miracle of miracles, with its annual growth rate of 13% over same period.There are various factors that contributed to this economic miracle.Its economic system converted from a government-planned only economy to a diversified market economy,dominated by private companies since 1978.It has coastal advantages and a unique business-oriented and an innovative regional culture.This paper analyses time series during period of 1978-2009.The multiple regression results show that elements of total factor productivity(TFP) have changed and technology growth and endogenous efficiency were improving.Human capital,the total investment of assets,and industrialization had significant and positive effects on growth of GDP in Zhejiang.Human capital had largest effect,while total investment of assets was second and industrialization third.During period of 1978-1994,the total investment of assets had a positive and most significant effect on growth of GDP in Zhejiang,while human capital had a positive,and second most significant effect,and dependence on foreign trade had a positive,and third most significant effect.During period of 1995-2009,urbanization played a positive and most significant role,whereas human capital was second,and industrialization was third most important factor.Dependence on foreign trades had a surprisingly negative significant impact.Finally,this paper proposes new strategies and policy suggestions to sustain Zhejiang's high-speed economic development in 12th five-year plan.