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Using a panel data model, we introduce the factor of long-term quality support and find robust evidence of the relationship between the relative investment ratio of different types of overall fiscal expenditures and the equilibrium effect on economic development, especially in the realm of education investment (higher education and vocational education). Empirical results indicate that only when the region has a sufficiently high level of long-term quality support and ample resources for long-term labor security, can the return on education expenditure manifest as an improvement in the labor market. This implies that the level of education investment and regional development guarantee expenditure impact the long-term quality support we propose, and to some extent, the level of long-term quality support demonstrates its influence on the improvement of the labor market.
BOXIONG WANG (Wed,) studied this question.