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New infrastructure, optimization of resource allocation and upgrading of industrial structure

Author

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  • Gong, Min
  • Zeng, Yidi
  • Zhang, Fan

Abstract

Based on Chinese inter-provincial panel data from 2003-2017, and using the instrumental variables analysis, this paper finds that (1) new infrastructure contributes to the upgrading of the industrial structure. (2) This contribution is achieved mainly through three channels of resource allocation optimization, namely promoting technological innovation, accumulating human capital and guiding capital flows. (3) In regions with larger financial structures and higher levels of traditional infrastructure, the effect of new infrastructure on industrial structure upgrading is more obvious.

Suggested Citation

  • Gong, Min & Zeng, Yidi & Zhang, Fan, 2023. "New infrastructure, optimization of resource allocation and upgrading of industrial structure," Finance Research Letters, Elsevier, vol. 54(C).
    • Handle: RePEc:eee:finlet:v:54:y:2023:i:c:s1544612323001277
    DOI: 10.1016/j.frl.2023.103754
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    References listed on IDEAS

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    1. Nathan Nunn & Nancy Qian, 2014. "US Food Aid and Civil Conflict," American Economic Review, American Economic Association, vol. 104(6), pages 1630-1666, June.
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    Cited by:

    1. Meseret Chanieabate & Hai He & Chuyue Guo & Betelhem Abrahamgeremew & Yuanji Huang, 2023. "Examining the Relationship between Transportation Infrastructure, Urbanization Level and Rural-Urban Income Gap in China," Sustainability, MDPI, vol. 15(10), pages 1-20, May.
    2. Huwei Wen & Jinxia Zhan, 2023. "New-type infrastructure and total factor productivity: evidence from listed manufacturing firms in China," Economic Change and Restructuring, Springer, vol. 56(6), pages 4465-4489, December.
    3. Jin, Laiqun & Cao, Kairui & Li, Jiaye & Xu, Qunfang, 2024. "Information infrastructure construction and optimization of resources allocation among firms: Evidence from “Broadband China” strategy," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 36-53.
    4. Zhang, Weike & Fan, Hongxia & Zhao, Qiwei, 2023. "Seeing green: How does digital infrastructure affect carbon emission intensity?," Energy Economics, Elsevier, vol. 127(PB).
    5. Yanchao Feng & Juan Zhang & Renfu Luo & Yuxi Pan & Shuhai Niu, 2024. "How does the opening of high-speed rail drive energy restructuring? New micro evidence from China," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.

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    More about this item

    Keywords

    New infrastructure; Industrial structural upgrading; Instrumental variables analysis; Resource allocation; Traditional infrastructure;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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