Estimation of Material Capital Stock and Total Factor Productivity in Shaanxi Province under the Belt and Road Initiative

Through selecting, constructing, supplementing and adjusting the investment flow, investment price index, depreciation rate, and base year capital stock of Shaanxi Province over the years since 1978, the physical capital stock of each year is estimated according to the perpetual inventory method. On this basis, the Solow residual value method was used to estimate the total factor productivity and its growth change in Shaanxi Province during the 40 years of reform and opening up, and a brief analysis of the economic growth drivers and sources of Shaanxi was made. The study found that: (1) Prior to 1999, the growth rate of TFP in Shaanxi generally showed the characteristics of relatively sharp and frequent fluctuations, which was eased after 2000, and the TFP growth rate began to increase year by year. (2) The growth rate of TFP in 2015 has shown a medium to high speed growth, indicating that Shaanxi's economic growth began to be driven by factor inputs and driven by innovation-driven technologies. (3) In the new era, it is necessary to further innovate the development concept, take the "Belt and Road" initiative as an opportunity to increase all-round opening up, and promote the supply-side structural reform with the overall promotion of TFP as the main line, so that the Shaanxi economy truly enters an open, sustainable and healthy The road to development.