Study On The Impact Of Financial Agglomeration Of Urban Agglomeration In The Yangtze River Economic Belt On Economic Growth From The Perspective Of New Economic Geography

As an important feature of the current regional financial development,financial agglomeration,since the 1970 s,has become increasingly obvious and has become an inevitable result of the development of modern financial industry.In recent years,with the rapid development of China's financial industry and the significant reduction of the restriction on the flow of financial resources,the financial industry,with a gradually increased maturity level,has begun to show agglomerating features.Financial agglomeration will have a certain impact on regional economic growth,especially under the current background of China's opening-up of financial sector.With the influx of external financial resources,the differences between financial agglomeration and regional economic development will become more prominent,and financial agglomeration will be more important to regional economic growth.As one of the areas that are closely related with China's national development strategy,the Yangtze River Economic Belt has a population and economic aggregate that accounts for more than 40% of those in China.As the importance of finance in the Yangtze River Economic Belt continues to increase,the trend of agglomeration has become more and more apparent.The rise of the Yangtze River Economic Belt is inseparable from the development of finance.And,on the other hand,financial agglomeration has great practical significance for the green growth of Yangtze River Economic Belt.1.The main contents of this study:From the perspective of new geo-economics,based on the assumption of two-region two-sector free capital model,this paper constructs a three-region three-sector and free capital model(3FC model),and analyzes the impact of financial agglomeration in the Yangtze River Economic Belt on regional economic growth.In order to furtherly analyze financial agglomeration's effect on economic growth,this paper constructs a agglomeration-urbanization-growth theoretical system,and studies the way that financial agglomeration affects economic growth from the perspective of the channel effect of urbanization.Meanwhile,we construct an agglomeration-structure-growth influencing mechanism,and studies how financial agglomeration affects industrial structure and then the economic growth.2.The main conclusions of this study:(1)The spatial pattern of uneven economic development of the five major urban agglomerations in the Yangtze River Economic Belt is more prominent.The overall financial agglomerating difference of a specific urban agglomeration is significant and tends to rise at the start and then decline.The inter-regional differences among agglomerations are firstly expanded and then reduced.The inner-regional differences in agglomerations are relatively stable.The liquidity between the different financial agglomerating levels of Yangtze River Economic Belt is relatively low,and the probability of shifting from a medium-high level to a high level is significantly greater than that of other directions.A region with a medium-high level of financial agglomeration is more likely to transform into a region with high financial agglomerating level.(2)The overall effect of financial agglomeration on regional economic growth is significant.There is a positive correlation between financial agglomeration and economic growth in Yangtze River Economic Belt,and it shows significant spatial correlation.The economic growth rates are relatively higher in the regions with higher financial agglomeration,and,consequently,create stronger overflowing effect for their neighbor regions;in regions where financial agglomerating level and economic growth rates are relatively low,the spatial effects of agglomeration are relatively weak and demonstrate limited radiation effects on their neighbor regions.The agglomeration effect of financial space distribution has promoted regional economic growth.Trade freeness,FDI,industrialization and education have significant and positive influence on regional economic growth.At the same time,due to the non-equilibrium characteristic of the financial resources of Yangtze River Economic Belt,there are certain differences in different regions.For the urban agglomeration regions with are located in the coast regions and with relatively more advanced economy and finance,the impact of financial agglomeration on regional economic growth is less than that of the regions with less-developed urban agglomeration.(3)Financial agglomeration affects regional economic growth through urbanization and industrialization.Firstly,financial agglomeration affects regional economic growth through urbanization.Urbanization is a bridge between the financial agglomeration and regional economic growth,that is,there is a mechanism of “agglomeration-urbanization-growth”.Secondly,financial agglomeration promotes regional economic growth by improving the industrial structure,and the industrial structure,acting as a channel,affects regional economic growth.There is a channel mechanism of “agglomeration-structure-growth”.3.The main recommendations of this study:(1)Construct a dynamic and coordinated regional financial development mechanism to optimize the regional financial environment.According to the differences of financial agglomerating levels in different regions,government should focus on supporting financial development in underdeveloped regions and guide financial resources to be rationally clustered,and optimizing regional financial environment by establishing credit-reporting systems,risk-monitoring systems and financial media systems.(2)Rationally attract and utilize regional financial resources and implement differentiated fiscal and financial policies.By encouraging financial innovation,the government should attract financial resources to agglomerate,promote the expansion of financial scale,improve the efficiency of financial resource allocation,and formulate financial macro-control policies which are suitable for local urban agglomerations and compatible with the regional characteristics.(3)Make the most use of the radiation effect of financial agglomeration.By construct multi-level regional financial centers with are from the national level to provincial level,promote the concerted economic growth of the entire region.(4)Strengthen financial cooperation among urban agglomerations and improve financing channels for regional economic growth.All urban agglomerations and cities should strengthen financial exchanges and cooperation.More specifically,all the provincial governments should reduce administrative divisions,promote direct financing,venture capital and other financial tools to provide financing support for regional economic growth.(5)Make the best use of financial agglomeration to promote the integration of industrialization and urbanization,and promote the coordinated development of regional economy.The government should establish a financial system that is compatible with the city's urbanization level and industrial structure.Through financial agglomeration,it will promote the upgrading of urbanization level and the optimization and upgrading of industrial structure.Based on the process of urbanization and the industrialization,the government should renew the urban infrastructure and better the urban service system and consequently promote the coordinated development of the regional economy.