The Impact of Industrial Policy on Industrial Structure from the Perspective of New Infrastructure Based on Experimental Analysis

Abstract

This article theoretically describes the mechanism of the role of new infrastructure-related industrial policies on industrial structure optimization and upgrading and establishes a production function model for empirical analysis. This article innovatively collects the industrial policies introduced by Chinese provinces and cities from 1997-2021 and constructs a stock dataset of industrial policies related to new infrastructure construction. Combining the panel data on the scale of marketization, residential consumption, government expenditure, and human capital in each province and city, the generalized moment estimation method is used to test the role of national infrastructure construction-related industrial policies in promoting the rationalization and heightening of industrial structure, as well as the synergistic and complementary effects of national infrastructure construction-related industrial policies and the scale of marketization.The study finds that introducing and implementing new infrastructure-related industrial policies significantly contribute to the rationalization and heightening of industrial structure. The promotion effect of new infrastructure-related industrial policies on the optimization and upgrading of industrial structure is highly dependent on the degree of local marketization. Based on the above findings, the Chinese government should formulate and implement the new infrastructure-related industrial policies rationally based on the market mechanism and with the help of government capacity and policy tools to achieve industrial structure upgrading and market economy development.