A Theoretical Interpretation on the Transformation of the Macroeconomic Growth Paradigm of China from the Perspective of New Quality Productive Forces

DOI: https://doi.org/10.62517/jmsd.202612505

Author(s)

Yuyao Zhang

Affiliation(s)

Beijing National Accounting Institute, Beijing, China

Abstract

China's economy has maintained fast growth for many years and is currently at the stage of high-quality development. The old factor-driven growth paradigm is in a stagnant state, marginal returns are falling, and structural contradictions are piling up. Therefore, this situation calls for a systematic theoretical explanation. This study uses the politicaleconomic framework of productive forces and relations of production as the basis. It first clarifies the meaning of the macroeconomic growth paradigm, an overall concept, and then sorts out the core features and the built-in limits of the old factor-driven model. Subsequently, this study analyzes the internal logic of how new quality productive forces push the paradigm to shift. This push is realized through four channels: transformation of growth momentum, restructuring of factors, structural change, and institutional adaptation. Subsequently, it examines the structural and institutional constraints encountered in the process, such as the allocation of innovation factors, path dependence, coordination of macroeconomic governance, and factor market reform. The conclusion of this study is that the essence of paradigm transformation is adaptive restructuring, which a qualitative leap in productive forces demands from the relations of production. Only by making the institutions work together, covering innovation systems, factor markets, macroeconomic governance, and industrial policy, can China realize the triple transformation of drivers, efficiency, and quality at a higher level, thereby solidifying the economic foundation for Chinese-style modernization.

Keywords

New Quality Productive Forces; Macroeconomic Growth Paradigm; High-Quality Development; Political Economy; Institutional Constraints

References

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