Study On The Financial Support Of Transformation And Upgrading Of Resource-based Industries In Xinjiang

Finance is the core of the modern economy, promoting the resource-based industrial transformation and upgrading, playing an important role in achieving regional industrial transformation and upgrading. Recently, Chinese economy is stepping into a new period of normal, reforming into the deep water area, the recent central bank cut interest rates twice in just a few months and aims to speed up the process of liberalization of interest rates,which is absolutely helpful to the healthy development of the financial area, in order to improve the real economy better. To have a deep study of the financial support in the region for industrial transformation and upgrading is a vital strategic task to achieve long-term economic stability and sustained growth in the region, having an important significance on both the theory and the practice. Xinjiang’s economy is in a transformation period recently, to establish a modern regional financial system and increase the pace of the promotion of resource-based industries to upgrade is to fully implement the scientific concept of development in Xinjiang,to achieve the rapid economic and social development of the times and the strategic choice, so have a systematic and comprehensive analysis to the problem of supporting the resource-based industrial transformation and upgrading, accelerate the modern financial system which is suitable for structuring Xinjiang’s resource-based industrial transformation and upgrading, which are the premise of Xingjiang’s finance to supporting the resource-based industrial transformation and upgrading.Based on the relevant researches and the statistical data from1995 to 2012, using qualitative and quantitative analysis, normative and empirical analysis method, having a study on the financial support issues of resource-based industrial transformation and upgrading of Xinjiang. Firstly, based on the Definition of related concepts of resource-based industrial transformation and upgrading and financial support in Xinjiang,the paper defined the washing coal mining industry, the oil and gas extraction industry, the ferrous metal mining industry in extractive industries and the manufacturing of oil processing and coking and nuclear fuel processing industry, ferrous metal smelting and rolling processing industry, chemical materials and chemical products manufacturing, chemical fiber manufacturing, rubber and plastic products manufacturing, electricity and heat production and supply industry in the Manufacturing industry,the above nine industries are the object of our study.Then the paper analysed the mechanism of financial support to upgrade the resource-based industries and discussed the upgrading status of Xinjiang resource-based industries and the recent situation of the commercial banks, capital markets, policy financial supporting resource-based industrial transformation and upgrading. What’s more, The paper through the use of entropy method conducted index measure of the transformation and upgrading of resource-based industries and financial support to upgrade,and calculated the degree of coordination between them, in order to analyze the deeper reason, made a further degree type of development classification between them,and then use the empirical methods to build econometric models from the three aspects of financial scale, financial structure, and financial efficiency to comprehensively evaluate the effect of finance supporting resource-based industries to upgrade in Xinjiang, and draw the appropriate conclusions.Furtherly the paper pointed out the existing problems and obstacles of the financial supporting resource-based industries to upgrade, lastly the paper put forward the corresponding countermeasures and suggestions from the financial scale, the financial structure of the five levels based on the above situation.This paper gives the following conclusions from the above analysis, financial support and resource-based industries to upgrade coupling relationship between Xinjiang and resource-based industries and financial support to upgrade the existence of long-term and short-term equilibrium relationship between the variables, Xinjiang financial resource type industrial transformation and upgrading of a supporting role in the long term effect is remarkable. Although resource-based industries upgrade and promote the rapid economic development in Xinjiang, but the financial support needed to be strengthened effetely. In terms of coordination, Xinjiang’s finance and resource-based industrial transformation and upgrading are on the harmonious stage, and overall, the coordination degree of financial support and resource-based industrial transformation and upgrading also greatly improved as time goes on. But the harmony of function for Xinjiang’s resource-based industrial transformation and upgrading is continued to be improved. Xinjiang’s financial support and resource-based industrial transformation and upgrading are uncoordinated development over time, even a long time away from each other, we need to pay attention to and make adjustments.