Research on the Impact of Innovation on Regional Economic Growth

Abstract

The influence of innovation on regional economic development is a significant area of scholarly inquiry and holds paramount importance in the context of regional economic advancement. Innovation serves as a driving force for economic growth, bolstering competitive advantages, fostering job creation, enhancing productivity, and facilitating social progress. Presently, a confluence of factors, including technological advancements, global competition, market demands, and institutional frameworks, present both opportunities and impetus for innovation within regions, thereby propelling economic growth and prosperity. Governments, enterprises, and research institutions, among other stakeholders, are actively engaged in fostering innovation to infuse vigor and dynamism into regional economic development. The empirical analysis of panel data from 31 provinces and municipalities across the nation is adopted in the study, revealing a positive relationship between innovation and regional economic growth. Furthermore, the article presents insightful approaches on leveraging innovation to drive and facilitate regional economic development.