Financial Market Development,Technological Innovation And China's Economic Growth

This paper incorporates financial market development,technological innovation,and China's economic growth into the same analytical framework.It explores the in-depth mechanism of interaction among the three.Based on theoretical analysis,it uses macroeconomic data to empirically test the past.The development of financial markets,technological innovation,and coordination between the two have tested the role of economic growth and provided effective policy recommendations for the implementation of financial market development strategies,technological innovation,and industrial structure policies under the new normal economy.Using provincial panel data from 2005 to 2014,we first examined the relationship between the scale of financial professionals,technological innovation and economic growth.At the same time,considering the heterogeneity of knowledge and innovation in different provincial financial markets,this paper uses the scale and diversity of financial industry personnel.The qualitative product,to measure the level of financial market development,and further empirically test the impact of financial market development levels on economic growth.Second,taking into account the interaction between the level of financial market development and economic growth and the endogenous issues that arise,this paper uses a dynamic panel in the robustness test.The method is a two-step system-gm-estimate Conduct robustness tests.Afterwards,from the perspective of spatial economics,we study the spatial distribution of financial resources and the impact of technological innovation on economic growth.We use spatial measurement(SAR and SEM)to conduct empirical tests to eliminate the influence of spatial factors.The empirical results show that the development of financial markets and the improvement of technological innovation have a significant role in promoting economic growth.At the same time,the deepening of financial market development will help strengthen the role of finance in promoting economic growth;the development of financial markets stimulates regional economic growth.The level of technological innovation will increase.In regions with higher levels of financial market development,the positive effects of technological innovation on economic growth are also stronger.The policy implications of this article are: Focusing on the training and innovation of financial talents,accelerating the reform and deepening of the financial industry system,leveraging the strength of finance to promote the balanced development of the region,and better meeting the development needs of the new normal stage of the economy;promoting technological innovation and eliminating The institutional and institutional issues that are conducive to technological innovation in enterprises will increase the efficiency of innovation;at the same time,it should guide the innovation and development of the financial industry,meet the needs of the development of innovative enterprises,allow the development of financial markets to serve technological innovation,and promote the economic structure of China.The transformation and upgrading.