Triangle Relation Study Among Financial Agglomeration,Manufacturing Industrial Agglomeration And Economic Growth

Along with the rising level of market economy, foreign trade is increasingly active, industrial agglomeration has become a trend of global economic development. In recent years, China’s manufacturing industrial agglomeration is increasingly significant, in some areas has formed distinctive specialized productions; especially in the Yangtze River delta, Pearl River delta, Bohai and other regions, the manufacturing industrial agglomeration has become a new driving force to lead economic growth. Simultaneously, in these industrial agglomeration regions, the development of the financial market is also showing a relatively active trend; the parts begin to appear financial agglomeration, major appearances are in the increasing number of financial institutions, development of financial market diversification, and the improving level of financial services. The development of industrial agglomeration is rely on the external environment, and cannot develop without capital support; there may be some links between the financial agglomeration and manufacturing industrial agglomeration.Currently, there are many researches that study industrial agglomeration or financial agglomeration separately, but only few literatures study on the relation between them, for that reason, this paper bases on manufacturing industry, mainly studies the relation between these two agglomerations, and the impacts to economic growth. Firstly, apply cluster analysis to redistrict economic regions. Then, apply panel data models to study the relation between financial agglomeration and manufacturing industrial agglomeration empirically in the new economic regions, and apply regional comparisons. On this basis, paper further studies the relations among manufacturing industrial agglomeration, financial agglomeration and economic growth. Moreover, the research result shows that financial agglomeration has a positive impact on industrial agglomeration, and this impact is more observable in developed regions; financial agglomeration facilitates economic growth; manufacturing industrial agglomeration effect on economic growth has a U-shape, this pattern is firstly suppressing then promoting. Finally, provide corresponding suggestions base on the empirical results.