关键词: 新常态 , 内需 , 经济增长 , 有效边界

Abstract:

How to maintain the rapid growth of Chinese economy is important and difficult in the New Normal. Because external demandled economic growth is gradually unsustainable, expanding domestic demand is becoming more and more important. However, is expanding domestic demand really effective national policy? Are there efficient frontiers if consumption and investment have a prominent influence on economic growth?  Based on these questions, this paper builds panel threshold model to empirically test the efficient frontiers of stimulating Chinese economic growth by boosting domestic demand from 2012 to 2013 by 275 urban data. The results show that there are efficient frontiers of investmentdriven growth, increasing investment will effectively stimulate economic growth when investment rate is low, but increasing investment has no effect on economic growth when investment rate is high. Furthermore, we find that there are efficient frontiers of consumptiondriven growth, increasing consumption will inhibit economic growth when investment efficiency is low, but increasing consumption will promote economic growth when investment efficiency is high.

Key words: New Normal , domestic demand , economic growth , efficient frontier