Research On The Financial Integration Development Of Wuhan Megalopolis

With the rapid development of global economic integration and regional economic integration,regional financial integration,which is an important part of region economic integration,has received more and more attention.Its role in stabilizing and developing regional economies and enhancing regional impact is also widely recognized.At the same time,regional financial integration will make the financial resources in the region to accelerate the flow,resulting in financial agglomeration effect and financial radiation effect,which has a huge role in promoting the development of regional economy.Wuhan megalopolis is not only the core area of Hubei's economic development,but also an important strategic fulcrum of the rise of central China.In 2007,Wuhan megalopolis was approved by the State Council and became the “National Energ-saving and Environment-friendly Society Construction Comprehensive Reform Experimental Area”.Therefore,the government of Hubei Provincial put forward that the province's financial industry to build Wuhan regional financial center and enhance the Wuhan Urban Circle of financial resources gathering and radiation capacity as the main line,constructing the modern financial system,and made it clearly to promote the Wuhan Urban Circle financial integration vigorously.It is of great practical significance to study the development of financial integration of Wuhan megalopolis.This article selects the financial integration development of Wuhan megalopolis as the research object,to explore how to promote the development of financial integration of the circle.First of all,to clarify the theoretical foundation of the regional financial integration.Secondly,we analyze the financial integration of Wuhan Urban Circle from the following three aspects: 1).Structural analysis of the financial integration of Wuhan megalopolis;2).Using the factor analysis method to analyze the financial competitiveness of the cities in Wuhan megalopolis and the financial agglomeration of the financial center cities,and use the Wilson model to study the financial radiation of the financial center cities;3).analyzes the relationship between financial integration and economic growth in Wuhan city circle by using time series model,and further analyzes the relationship between financial development and economic growth in various cities under financial integration through panel data model.Finally,it summarizes the problems in the process of financial integration of Wuhan megalopolis,and puts forward some countermeasures and suggestions.The results show that: 1).financial integration of Wuhan megalopolis as been initially apparent,but there are still problems such as the unbalanced development of the credit market and the small scale of the financing of the negotiable instruments;2).Wuhan is the strongest financial competition in the city circle,also is the highest city in the level of financial agglomeration,The financial resources are mainly concentrated in Wuhan,the financial resources within the circle is imbalance;Wuhan have financial radiation function on other cities,but the financial radiation ability is not strong;3).The financial integration of Wuhan megalopolis has a significant effect on economic growth,but the boost effect of economic growth on financial integration is not obvious.On this basis,this paper draws lessons from the experience of regional financial integration development at home and abroad,and aim at the practical problems existing in the financial integration of Wuhan Urban Circle,then Put forward targeted countermeasures and suggestions: 1).Vigorously promote the four-dimensional financial integration of Wuhan city circle;2).Constantly enhance the financial center of Wuhan city financial agglomeration and financial radiation;3).Continuously improve the support that financial integration on economic growth;4).Strive to optimize the financial ecological environment.