Factor Analysis On Chinese Financial Industry Agglomeration

The financial industry is essential power for economic development. In recent years, the financial industry cluster occurs, and leads to some influential financial centers forming. Whether it is the international or domestic financial center,financial industry cluster has become the mainstream trend. However, compare with the high level of the financial industry cluster of developed countries,China’s financial industry cluster is still in infancy. Which factors influence the formation of China’s financial industry cluster?How to improve its cluster’s level and efficiency? Those questions are the research focus.Based on the existing theory, learning the typical financial industry cluster formation experience, this paper combines those with the reality of China’s financial industry gathering.And in its opinion,China’s financial industry cluster factors are:government action, economic base, openness, human capital and economies of scale. Using spatial econometric methods and data from 1998 to 2013 in 31 provinces,this paper has analyzed those factors.And it conclude:in the diverse economic environment and the different level of financial development, the influence of government action is volatility;economic base, openness, economies of scale are important impact financial industry cluster formation, but the role of human capital doesn’t produce the desired results at that moment. On this basis, it proposes policy recommendations to promote the financial industry cluster, such as developing economic, promoting regional economic integration; reasonable financial planning division,improving the financial market system; focusing on long-term accumulation of human capital, personnel training stratified and so on.