Research On The Relationship Between Yunnan's Economic Growth And Cross-border Financial Development

As the gateway for South Asia and Southeast Asia,Yunnan province has an important position in the "The Belt and Road" strategy.Yunnan province has a special geographical location and rich natural resources,and its regional advantages should be vigorously developed and applied.Five ministries and commissions,including the people's Bank of China,have been jointly issued “The overall scheme of building Guangxi Zhuang Autonomous Region border finance comprehensive reform pilot area in Yunnan province”,which has greatly promoted the development of border and cross-border finance,indicating that the innovation and development of Yunnan's border finance,cross-border finance and local finance have entered a new stage.In October 29,2016,according to the "The opinions of the people's Government of the Yunnan provincial Party committee of the Communist Party of China on speeding up the construction of China's radiation center in South Asia and Southeast Asia",Yunnan province issued "The opinions of the people's Government of Yunnan on the construction of the financial service center for South and Southeast Asia",which has quickened the pace of the construction of the financial service center in Yunnan.However,in the process of more than four years of development,the pace of cross-border financial innovation in Yunnan province is relatively slow and cross-border financial business in Yunnan province is relatively lagging behind.This paper through the analysis think that the aspects of mainly restricting the innovation of cross-border finance as the following:(1)Yunnan's financial development is lagging behind and its industrial structure is not reasonable;(2)Yunnan's financial ecological environment is not good and the financial system and mechanism are unsound;(3)The infrastructure of cross-border financial innovation is unsound and the product is single;(4)Country risk restricts cross-border financial innovation.The main reason of which is that the financial development of Yunnan province.Based on the cross-border financial services theory and the Solow growth model,this paper draws lessons from three directions of foreign currency cross-border payment,cross-border insurance and cross-border securities,and studies the correlation between the financial development of Yunnan and the cross-border financial business.At the same time,this paper explores the mutual influence of cross-border financial innovation and economic growth of border area,and explores the solution path of Yunnan border financial development lags behind,through the empirical research of VAR model,found that Yunnan economic development relies on the development of cross-border finance and cross-border financial development relies on Yunnan's good financial environment.Therefore,in order to realize the development of Yunnan's cross-border finance,it is necessary to further consolidate the foundation of Yunnan's financial development.In conclusion,Yunnan's economic growth needs to strengthen cooperation with neighboring countries and vigorously develop cross-border financial businesses,while cross-border financial innovation relies on Yunnan's stable financial environment and solid financial foundation.In consolidating the financial foundation of Yunnan Province,we need to make efforts in the following three aspects:innovating the top level program of Yunnan's financial infrastructure,improving Yunnan's financial infrastructure construction and enhancing the financial operation environment of Yunnan province.In view of the existing cross-border financial development in Yunnan Province,this paper puts forward four suggestions constructive as follows: to optimize the structure of financial development and pay attention to the efficiency of financial development,to make full use of the policy advantages and make the reasonable development measures of financial industry,to identify own location accurately and implement differentiated financial development strategy,to pay attention to the economic geography factors and provide strong support for financial development.