The Steady-state of Consumption Rate,Evolution and Reality Choice of China's Sustained and Balanced Economic Growth——Based on the Analytical Framework of R-C-K Model
The paper builds a steady - state consumption rate model on the R - C - K analysis framework,and then analyzes the evolution of the process of consumption rate and its relationship with economic growth in China.The main conclusions are:(1) the steady - state consumption rate on the balanced growth path is optimal consumption rate discounted, and decided by the subjective time rate coefficient of relative risk aversion,capital - output elasticity,the rate of technological progress,the depreciation rate and labor growth;(2) advancing with the process of industrialization,the steady -state consumption rate shows a smaller larger U - type curve evolution trend,the real consumption rate fluctuates around a steadystate consumption rate;(3) since 1978,China's economic growth showed better performance,and the evolution of the consumption rate showed no abnormality.But after 2001,the consumption rate decreased rapidly and significantly deviated from the steady - state consumption rate,which reduced the endogeneity of economic growth,thereby affecting the sustained and stable growth of the Chinese economy.It is urgent to advocate reindustrialization and moderately industrialization according to the general laws of economic development,encourage the development of modern service industry and improve the social security system,and narrow the income gap means to expand consumer demand urgent contribution to economic growth.