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Rote of high-speed rail on social fixed assets investments in China

机译:高铁对中国社会固定资产投资的影响

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Rapid development of high-speed rail (HSR) in the past decade has a tremendous boosting effect on China's economy and society. Under the 'New normal', HSR provides an important physical space for the steady expansion of the national economy. This paper uses a panel dataset comprising 285 prefecture-level cities in 2010-2016 to establish an investment measurement model and estimate the impact of HSR on social fixed assets investment. It also uses the difference-in-difference and propensity score matching tests to verify the results. Two important findings arise from the empirical analyses: (1) HSR development significantly stimulates China's social fixed assets investment, foreign direct investment and real estate investment; and (2) HSR investment does not substitute for investments in other industries, instead, it supplements them. These findings provide strong theoretical and empirical support for China's long-term HSR development strategy.
机译:在过去的十年中,高铁的快速发展对中国的经济和社会产生了巨大的推动作用。在“新常态”下,高铁为国民经济的稳定发展提供了重要的物质空间。本文使用一个包含2010-2016年285个地级市的面板数据集来建立投资计量模型并估算高铁对社会固定资产投资的影响。它还使用差异差异和倾向得分匹配测试来验证结果。实证分析得出两个重要发现:(1)高铁的发展显着刺激了中国的社会固定资产投资,外国直接投资和房地产投资。 (2)高铁投资不能替代其他行业的投资,而是对其的补充。这些发现为中国高铁的长期发展战略提供了有力的理论和经验支持。

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