Research On The Influence Of Financial Spatial Structure On The High-quality Development Of Urban Agglomeration Economy

As China’s macro-economy is changing from the period of new normal to the highquality development stage,the role of financial power in the real economy is gradually highlighted.It is rooted in all aspects of the economic system and plays an increasingly irreplaceable role.In the economic development of a country or region,finance and fiscal policies are inseparably interconnected.It can be said that the more mature the financial system is and the closer its relationship with the real economy is,the more financial resources and elements can be obtained to help with economic development;and the more optimized the space structure of financial development is,the more efficient and balanced the elements among regions can be allocated,leading to orderly development of high-quality economy.The 14 th Five-Year Plan points out: we should establish a modern financial system with high adaptability,competitiveness and inclusiveness and build institutional mechanism by which finance is supposed to provide effective support for the real economy;we should strengthen the ability of finance to serve the real economy,improve the medium and long-term capital supply system,and create financial products and services that can directly benefit the real economy.It also fully reflects the optimization of financial development and space structure,which has a very important impact on the high-quality development of the real economy.Financial spatial structure is a complex concept of diversification,which can be understood as the spatial distribution pattern of financial activities.In a narrow sense,financial activities mainly refer to the circulation of monetary funds,including currency issuance,circulation and withdrawal,loan issuance and withdrawal,deposit and withdrawal of savings,exchange transactions and other economic activities.Financial activities,commonly seen in economic activities,serve as important resources and regulators.In a broad sense,financial activities have a more detailed division,including not only the basic level of financial resources,but also the financial formats,the financial institutions,and the financial innovation,which are related to financial resources.From this perspective,financial spatial structure refers to the structural morphology including financial agglomeration,radiation or integration,demonstrated in the process of development of financial activities.Financial agglomeration often leads to the formation of the central area of a city,such as the central business district,or the formation of a financial center or a financial central city in a city cluster,so as to give play to the effect of agglomeration economy and bring the region the advantages of agglomeration economy.The spatial spillover and interdepartmental spillover caused by financial radiation are the effects of financial agglomeration on other levels of cities in non-financial fields or urban agglomerations when it grows to a certain scale,often forming a center-periphery spatial structure.Financial integration is a form of development with spatial correlation formed by financial agglomeration and financial radiation.The integrated development of financial network can narrow the financial gap and income gap of regional resources allocation,integrate financial resources between regions and smooth the flow of financial resources.The formation of financial spatial structure can be attributed to the gradual opening of markets,the increasingly convenient transportation,and the improved policy rationing and project allocation among regions.In addition,the effects of internal and external economies of scale,to a certain extent,promote the agglomeration of financial enterprises in the spatial location,forming a financial center.Because of the lock-in effect,financial agglomeration will also radiate to the surrounding areas,thus boosting the flow and co-construction of financial activities between regions,forming an integrated development trend.The formation and optimization of financial spatial structure will help financial forces play a greater role in promoting the real economy.To be specific,in the narrow sense of financial spatial structure,financial resources with capital,currency,financial derivatives,financial markets,credit between social members and between social members and the government as the main content are indispensable basic elements for coordinated economic development of urban agglomerations.The spatial development of basic financial resources is mainly reflected in the relative concentration or dispersion of such financial resources in geographical space and within different economies,as well as the resulting economic development effect.Optimizing the spatial structure of basic financial resources can enable the economies in different regions to obtain the necessary financial support for their development.Furthermore,in the broad sense of financial spatial structure,traditional finance is represented by commercial finance or policy finance such as banking,securities and insurance,while new finance is represented by Internet finance,inclusive finance and green finance.Traditional finance and new finance are supplementary to each other in that new finance renovates the technology,products and operation mode of traditional finance,and the traditional format provides sufficient material guarantee to reduce the risk of new format and to provide satisfactory services to more people.The optimization of the spatial structure of traditional finance and new finance can make up for the lack of funds faced by some medium,small and micro economic entities in the process of coordinated development of economy,provide more convenient and efficient financial services for the economic entities in different spaces,heighten the equalization efficiency of financial services and enhance financial welfare.Meanwhile,the optimization of the spatial structure of financial institutions and financial innovation is expected to help traditional finance and new finance play a more powerful role in gathering,transmitting and integrating resources,leading to more effective allocation of economic resources.Furthered financial spatial correlation will facilitate the formation of financial spatial structure.However,if it is beyond the scope of the local real economy,or it is out of touch with the development of the real economy and forms a virtualized operation situation,or it only stays in the prefecture-level development stage of spatial structure,that is,it only forms a certain number of financial clusters on relatively small scale and low level,but has not yet formed a trend of financial radiation or integrated development,based on the lock-in effect,the development gap between the financially poor areas in this financial agglomeration area will continue to expand,which is not conducive to the long-term high-quality sustainable development of regional economy.Therefore,rational development and optimization of financial spatial structure are what China’s real economy needs.Urban agglomerations and metropolitan areas have made great contributions to the quality improvement in the process of new urbanization.What has been made clear in the 14 th Five-Year Plan is to develop and expand urban agglomeration and metropolitan areas,to define development directions and construction focuses of large,medium and small cities,and in turn to form a spatial pattern featuring even density,coordination and complete functions.It fully reflects the important strategic position of high-quality development of urban agglomerations.As an indispensable part of new urbanization X and regional coordinated development,urban agglomeration also plays a vital part in high-quality development of China’s macro-economy against the background of a “dual circulation” development pattern.If we can solve the problems of insufficient motive force and unbalanced regional distribution concerning investment,consumption,demand,and export from the perspective of cities and urban agglomerations,it will be easier to maintain smooth domestic circulation in the product market,capital market and labor market.The high-quality development of urban agglomerations takes the high-quality development of economy as the first priority,and should be guided by the five scientific concepts of innovation,coordination,greenness,openness and sharing,so as to gradually realize economic innovation,coordination,sustainability and sharing.Among them,economic coordination is the most important link in the high-quality economic development of urban agglomerations,mainly including the coordination between cities,between urban and rural areas,and the coordination of various sectors of urban development.Without the coordinated development of economy,the development gap between regions and departments will not narrow,the balance of social welfare will not be realized,and there will be no optimized economic development.Innovation is the internal driving force of high-quality economic development of urban agglomerations.It is an important connotation of innovation to enhance the connection and interaction between cities through new dynamic mode,path and spatial network.Innovation can enhance the connection between cities in a more convenient and efficient way.The higher the degree of innovation and spillover,the smoother the process of coordinated economic development of urban agglomerations.Greenness is the sustainable driving force for the high-quality economic development of urban agglomerations.While developing the strategy of urban agglomeration,it is very important to maximize the balanced welfare of each city.Energy saving and emission reduction is an effective way to reduce the cost of common development of cities.Openness is the power link for the high-quality economic development of urban agglomerations.It can break the boundaries of resource and factor exchange between cities and form a gradient pattern of economic development,especially the construction system of common market,common infrastructure and public services among cities,so as to achieve coordination on the material basis.Sharing is the ultimate goal of achieving high-quality economic development in urban agglomerations.It is necessary to share the convenience brought by development in infrastructure and public services,the dividends of urban market and industry development,and the welfare produced by the development of urbanization.The high-quality development of urban agglomeration economy is not achieved overnight,and different approaches and strategies will be adopted in different development stages.For example,the nation-class urban agglomerations like the Yangtze River Delta and Pearl River Delta have seen a high-level inner coordination of economic development,so sharing and innovation may be what they need to work on.On the other hand,the regional urban agglomerations like the central and southern areas of Liaoning province,and the Harbin-Changchun area,have not solved their internal economic isomorphism.Although the economic gap between them is not large,to establish the internal association of urban agglomerations is what they need to accomplish.The development of financial spatial and the optimization of its structure have increasingly great influence on the high-quality development of urban agglomeration economy.In the process of new urbanization,with the improvement of urban functions and the gradual deepening of the coordinated urban agglomeration integration,all areas of urban agglomeration development are affected by various dimensions of financial activities to some degree.The impact of financial activities on the economic development of urban agglomerations is becoming increasingly obvious,especially that of financial agglomeration and financial radiation,thus forming the development pattern of financial integration.It constitutes the financial spatial network of urban agglomerations and plays an irreplaceable role in achieving high-quality economic development in China’s urban agglomerations in the future.At the same time,the highquality development of urban agglomerations will also affect the financial spatial structure,and then affect the future development trend of urban agglomeration economy.Through economies of scale,economies of scope and urbanization,financial agglomeration directly provides the material basis for the high-quality economic development of urban agglomerations,and forms a high-quality central city or area in urban agglomerations.Financial radiation transfers the kinetic energy of the central area of urban agglomerations,which enables the central area and surrounding areas to form a spatial correlation network with gradient development characteristics,and then forms the correlation basis of high-quality development.Financial integration is actually the free flow of financial capital between regions.Financial activities penetrate and XII influence each other to form a linkage whole.It is the performance of financial depth in dimensional space,leading and reallocating the resources and elements of urban agglomerations,and providing a deep integration foundation for the high-quality development of urban agglomeration economy.If we ignore the impact of financial spatial development on the high-quality development of urban agglomeration economy,we may ignore the effects of financial activities in a series of aspects,such as employment,factor allocation,infrastructure construction,division of labor and cooperation between cities,function of central city,combination of industry and finance,which will bring about financial virtualization and financial risks,cause soft spots,create boundaries,and affects the deep integration between cities.On the contrary,mastering the financial spatial layout and the exertion level of its force will contribute to high-quality development of urban agglomeration economy with the help of financial force.Therefore,we should attach importance to the mechanism,influencing factors and optimization path of the spatial development of financial activities,which are related to the high-quality development of urban agglomeration economy,and cultivate and adjust the financial development in different urban agglomerations to the quality,form and state suitable for their economic development according to local conditions,so as to promote the coordinated development of high-quality financial integration.It has important theoretical and practical significance for urban agglomerations to optimize the quality of economic operation with the help of financial forces.This problem has been widely concerned by all walks of life at home and abroad.In order to study in detail the mechanism and effect of financial spatial structure on the high-quality development of urban agglomeration economy,this paper is divided into six chapters.The first chapter is the introduction,focusing on the theoretical and practical background of the problem,discussing the significance of studying the problem at this stage.On this basis,it introduces the research framework and content,research methods and possible innovations.This paper comprehensively reviews the relevant research progress on the impact of financial activities on the economic development of urban agglomerations.It mainly includes the economic development of urban agglomerations,financial activities and their spatial development,and the impact of financial development on the economic development of urban agglomerations,which lays a theoretical foundation for empirical research.The second chapter is the theoretical framework of the impact of financial spatial structure on the high-quality economic development of urban agglomerations.First,the definition of financial spatial structure is given.Financial activities are divided into narrow and broad financial activities,so the financial spatial structure includes narrow and broad dimensions.Among them,the narrow sense is concerned with the spatial structure of basic financial resources,and the broad sense the spatial structure of financial formats,institutions and financial innovation.Secondly,the concept of high-quality development of urban agglomeration economy is defined,mainly from the aspects of innovation,coordination,openness,greenness and sharing of the economic development of urban agglomerations.Thirdly,the mechanism of financial spatial structure affecting the high-quality economic development of urban agglomeration is dealt with.This paper mainly analyzes the mechanism,by which financial spatial structure influences the high-quality economic development of urban agglomerations,from two aspects,i.e.narrow and broad financial spatial structure.Chapter Three,Four and Five are the empirical research part of this paper,which also constitutes the key content of this paper.The top ten urban agglomerations in China’s comprehensive strength have been selected as objects of study in this paper,including the Yangtze River Delta,Beijing-Tianjin-Hebei agglomeration,Pearl River Delta,the middle reaches of the Yangtze River,the West Bank of the Taiwan Strait,Chengdu-Chongqing agglomeration,Shandong Peninsula,central and southern Liaoning province,the Central Plains,and Guanzhong region.The third chapter mainly analyzes the temporal and spatial evolution of the economic and financial development of the sample urban agglomerations,and detects the problems existing in various dimensions.On this basis,the paper describes the spatial and temporal distribution and evolution of financial resources(mainly deposits and loans),the effect of financial agglomeration and financial radiation and the scope of financial integration,as well as the financial spatial correlation of each urban agglomeration,which constitutes the research on the financial spatial structure of urban agglomeration.The fourth chapter empirically studies the level of high-quality development of urban agglomeration economy,and analyzes the process and pattern evolution from the perspective of time and space.The fifth chapter empirically analyzes the influence of financial spatial structure on the high-quality development of urban agglomeration economy,tests its effect,and further analyzes the influencing factors.The sixth chapter puts forward suggestions.By analyzing the research findings of the empirical part,this paper summarizes the quality of the financial development of urban agglomeration,the formation of financial spatial structure,and its impact on the real economy,so as to put forward suggestions for optimizing the economic development of urban agglomeration.