| China’s rapid economic growth and sound financial basis provide a great deal ofspace for its future financial development and innovation, and the global financialcrisis may prompt the world economic and financial pattern reconstruct, also mayprovide a historic opportunity to forward to the financial powerhouse for our country.Regional finance is the support and extension of the national finance,so the rationaldistribution of regional finance is not only related to the development of regionalfinance,but also related to rasing the level of national finance.Although the regionaldevelopment has been orderly planned, however, the strategy aims and position arenot very clear during the development process, which leads to some problems alwaysexist. It needs a more explicit regional financial development strategy urgently tosolve these problems. The main functional area provides a new idea for regionalfinancial development, and also indicates that there may be a new adjustment ofnational financial development strategy on the regions. Anyway,the formulation offuture regional financial development strategy needs an objective and accuratejudgment on regional financial development differences firstly.Based on the summary of previous literature, the paper builds a two-dimensionanalytical framework, which includes polarization and convergence theories, time andspace dimensions, regional and inter-regional perspectives, to study the evolution andspatial distribution of regional financial differences. According to the conclusions, wepropose some policies for the country’s overall financial layout and regional financialdevelopment strategies.The paper includes seven chapters, divided into three parts.The first part is an introduction, including Chapters I and II. Chapter I is anintroduction of the significance, previous literatures, ideas, methods, innovation andthe lack of the research.Chapter II is a detailed introduction of reasons about studyingregional financial differences.Firstly, the paper reviews the evolution of regionalfinancial development strategy, which is from zero,to be vague and to be gradually clear since1949.Then, it comments the current strategy. The paper argues that theexsiting regional financial development strategy enhances China’s overall finance to acertain extent, but the object and the position of the strategy at the central level arenot clear, and the financial planning at the local level has a high degree of similarity,which leads to some problems always exist.The formulation of future regionalfinancialdevelopment strategy relies on the study on regional financial developmentdisparity.The second part is to analyze the questions, it includes four chapters. Chapter IIItakes non-homogeneous space as a logical starting point, uses the polarization theoryto analyze the mechanism and the process of financial polarization. And then, on thebase of a composite index of financial development which is constructed with theprincipal component analysis, it analyzes the spatial characteristics and trends ofregional financial differences with the Moran’s index and Esterban-Ray index. Theresults show that China’s financial polarization process has begun, but thepolarization degree and the polarization speed are different among regions. ChapterIV gives a further empirical analysis of the spatial process of the regional financialpolarization from the time dimension. On the basis of intuitive judgment ofconvergence according to variation coefficient, the paper examines the convergencecharacteristics of the regional financial development and the effect of financialopenness on financial polarization with the parameter estimation and non-parameterestimation from two ways, which are period convergence and annual convergence. Itshows same characteristics between convergence and polarization in regions andinter-regions, but the financial openness has different impacts on different regions.Chapter V studies the characteristics and path selection of China’s eastern region withcluster analysis, DEA analysis and so on. It shows that the passive diffusion causedby total aggregation has just begun in eastern region, but the active diffusion has notyet formed as the efficiency is not gathered. It leads to be Matthew of financialdevelopment in eastern area. Also it leads the financial role in promoting economicdevelopment to meet new threshold, and leads advanced financial function to beblocked. There is a great distance from financial pole to an international financialcenter, so the eastern region’s development path must shift to efficiency aggregation from total aggregation as soon as possible. Chapter VI studies the characteristics andpath selection of China’s center and western regions with multiple indicators. Itshows that there is no obvious financial growth pole in the center and western regions,whichis the most striking feature in the regions. Due to that, there has been a widegap between central-western area and eastern area in financial development, andcentral-western area can’t effectively undertake the radiation from the financialcenters of eastern area effectively. The key to solve the problem is developing specialfinance and cultivating the region’s financial growth pole as soon as possible. Thosenecessity and feasibility are analyzed in the paper.The third part is the conclusion, namely Chapter VII. On the basis of conclusion,this chapter proposes some basic principles and general idea of regional financialdevelopment, and puts forward some policy recommendations from national andregional levels.The paper is mainly to be innovative in the following four aspects:(1)Expanding the dimension of regional financial development by putting space andtime factors into a unified analytical framework;(2) Clarifying the characteristics ofthe regional financial development by taking non-homogeneous space as a logicalstarting point;(3) Detailing the studying level by analyzing regional financialdevelopment differences from the two perspectives of region and inter-region;(4)Breaking the thinking of balanced development about financial layout by proposingthe developing path that is changing total aggregation into efficiency aggregation ineastern area, and fostering the financial growth pole in center-west area. |
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