Spatial econometric analysis of effect of New economic momentum on China's high-quality development

This study applies scientific connotations of the new economic momentum to construct an evaluation system for China's high-quality development, which are categorized as technological innovation, institutional reform, transformation and upgrading, and development effectiveness. We used the HLM-MLSEM and a spatial panel model for analysis. The study showed a spatial spillover effect in the level of the new economic momentum of China's high-quality development; technological innovation, institutional reform, transformation, and upgrading have significant direct and indirect effects on development effectiveness. Moreover, the direct effects of technological innovation, transformation, and upgrading are stronger than the indirect effects; however, at the subregional level, direct and indirect effects indicate evident spatial heterogeneity. This study has several policy implications for the Chinese government regarding the transformation of the new and old economic momentum, the deep optimization of local resource allocation, and coordinated and high-quality development in China's regional economies.