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China's economy has entered a new normal state. The economic model that simply increases the input of factors is not sustainable. It is urgent to achieve economic growth by optimizing the allocation of resources and structural adjustment on the supply side. So,it is important to explore the effect mechanism of factor mismatch on economic growth, to find the causes of factor mismatch and to mitigate the influence of factors mismatch by improving policies. Based on that,This book examines the evolution trend of factor mismatch between industries and between urban and rural areas in various provinces,as well as the dynamic pattern,spatial pattern and scale pattern of factor mismatch at the urban level. From two aspects of theory and demonstration, this paper examines the causes of the factor mismatch,explores the influence of the factor mismatch on income gap, and studies the transmission mechanism of factor mismatch, income gap and economic growth from two paths.
Firstly, the factor mismatch of each province presents a“U”trend with the financial crisis as the inflection point as a whole. In comparison between regions,at first,the factor mismatch degree in the eastern region is low,but there is a rapid upward trend after the financial crisis,and the rising speed is higher than that in the central and western regions. On the whole,the wage difference among provinces is low in the early stage, but the growth trend is obvious;Compared with the wage gap,the contribution of the labor market within the industry is more prominent. Although the total factor productivity of the central and western regions are lower than that of the eastern region, the resource investment of the central and western regions are higher than that of the eastern region; Although the total factor productivity of enterprises tends to decline with the increase of distance from big cities,distance from big ports, city size and city level, the resource input of enterprises tends to rise, that is, the distribution pattern of total factor productivity is inconsistent with that of resource input,which shows the spatial mismatch pattern of resources. Secondly, institutional factors such as government intervention,household registration system and dual economic structure significantly improve the mismatch degree of labor and capital, and the level of marketization, openness and information exchanging significantly reduce the mismatch degree of labor and capital. However, the unbalanced development of technological progress, industrial structure and educational level worsen the mismatch degree of labor and capital after the financial crisis, which can be attributable to the structural factors. Both labor mismatch and capital mismatch have the characteristics of self-regulation process and inertia, and the self-regulation delay of labor mismatch is more than two years, while the self-regulation delay of capital mismatch is less than two years. Thirdly, the explanatory power of factor mismatch to the income gap is bounded by the financial crisis. The superposition effect of labor and capital mismatch can explain the 19.4%, 27.1%, 10.4% and 29% of the income gap between the national, the eastern, the central and the western provinces respectively in 2014. Compared with the actual share of labor remuneration, the factors mismatch does not change the trend of labor remuneration share and the“U”structure, but which obviously reduces the share of labor remuneration in all provinces. Factor mismatch aggravates the hindering effect of income gap on economic growth. In 2014, due to the existence of factor mismatch, the hindrance effect of income gap on economic growth increased by 22.1%, and the economic growth gap increased by 4.7%。
Therefore,the existence of structural factors leads to the rising trend of the factor mismatch of various provinces in China in recent years,which not only directly affects the growth of output,but also worsens the income gap, and aggravates the obstacle of income gap to economic growth. Combining with the characteristics of the new normal state,it is necessary to put forward the concrete paths of correcting the elements mismatch,and to provide some reference for the supply side reform at the present stage in China.
Key Words: Factor Mismatch,Income Distribution,Output Growth, Supply-Side Reform