Affiliations: [a] Department of International Economy and Trade, Business School, Zhejiang University City College, Hangzhou, Zhejiang Province, China
| [b] Research Center of Digital Transformation and Social Responsibility Management, ZUCC, Hangzhou, Zhejiang Province, China
Correspondence:
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Corresponding author. Jiagen Yu, Department of International Economy and Trade, Business School, Zhejiang University City College, Hangzhou, Zhejiang Province, China. E-mail: [email protected].
Abstract: As we know, AI is deeply integrated with all walks of life. While upgrading traditional products and transforming traditional industries, a large number of new products, new industries and new formats have emerged in large numbers, and new industrial space has been further expanded. The potential for steady economic growth remains huge. However, the influence of merelygrowing capital asset and labor force dimension in terms of boosting economic progress has been waning globally. Considering the China’s data panel data outlying areas during 1978–2017 as the research sample, possible economic growing rate of Chinahas been calculated in detail according to the labor-intensive structural time-varying elastic model. It shows a U-shaped development track during 2018–2027, with an average growth rate between 5.00%and 6.00%. There are also great variances in the probable economy growing rates in different regions in China. It shows that relying solely on traditional factors of production to drive potential economic growth, China has been unable to maintain the prosperity of stable development over the past few decades. Based on the experience of typical representative countries, this paper also puts forward some relevant countermeasures and suggestions including focusing on a new round of technological revolutions such as big data, new generation AI, 5 G, IOT, cloud computing, robotics, and blockchain to progress economical growing rate of China in the future.
