Theoretical and Empirical Analysis of Spatial Correlation and Dynamic Convergence of Regional Economic Growth in China: Evidence from the Panel Data from 1953 to 2010

By constructing a spatial panel data model,this paper introduces spatial correlation into the analytical framework,and analyzes the absolute convergence of regional economic growth and also conditional convergence in consideration of the effects of fiscal policy and human capital in China from 1953 to 2010.The empirical analysis shows that spatial correlation of regional development in China increases year by year and is an important factor affecting economic growth;during the sample period,there is no absolute convergence of economic growth in China,and initial economic level is positively correlated with economic growth rate;after the introduction of fiscal policy and human capital,there is conditional convergence of economic growth in China.Active fiscal policy and the increase in human capital investment can promote the leaping economic development in backward areas,thus strengthening the degree of conditional convergence of economic growth.