Abstract: Agricultural science and technology innovation was the main supporting force to promote rural economy and modern agriculture, it had very important influence on the new rural economic development. The factor analysis method was used to extract the new rural economic indicators by dimensionality reduction, and get two principal component factors of new rural economic development were obtained. Then, correlation between agricultural science and technology innovation input, the new rural economic development comprehensive index and specific index were tested using Pearson correlation analysis. The results showed that: (1) Investment of agricultural science and technology innovation was positively correlated with the new rural economic output and input level, the living level of farmers significantly. (2) Investment of agricultural science and technology innovation was positively correlated with the per capita of farming, forestry, animal husbandry and fishery output value, rural fixed assets investment, rural retail sales of consumer goods, per capita disposable income of rural residents at 99% confidence level by each other, the correlation coefficients were all above 0.85; while, it was negatively correlated with per capita grain, per capita cotton at 99% confidence level by each other, and the correlation coefficients were all above 0.85. There was no significant correlation between investment of agricultural science and technology innovation and per capita rapeseed, per capita freshwater production, total power of agricultural machinery. In conclusion, the increase of investment of agricultural science and technology innovation would promote the development of new rural economy and improve the living standards of farmers. Finally, some countermeasures and suggestions were put forward to promote the development of the new rural economy from the aspects of perfecting the policy system, increasing the investment of capital and intelligence, guiding the development of investment and financing and encouraging innovation and entrepreneurship.

Key words: investment of agricultural science and technology innovation, new rural economy, factor analysis method, Pearson correlation analysis, Hangzhou