Financial Support For Transformation And Upgrading Of Manufacturing Industry In Xinjiang Under The Background Of Supply-side Reform

Since the 2008 international financial crisis,the global economy has begun to enter the new normal.In this background,our country's economy is also going to move towards a new stage,which is a more rational and more optimized division of labor.In the "13th Five-Year" meeting,Premier Li Keqiang proposed to start from the supply side to promote the industry to Middle and high end development direction.The transformation and upgrading of the manufacturing industry is the key to push forward the supply side reform.The manufacturing industry has always depended on the growth mode of increasing investment and less efficiency in XinJiang,which leads to the overcapacity and the serious shortage of high quality products,which can not effectively meet the needs of people.Finance is an important engine of modern economy and the main driving force for developing the real economy.During the development and upgrading of manufacturing industry,capital is needed to guide and drive.Therefore,Studying the supporting role of Finance in the transformation and upgrading of Xinjiang's manufacturing industry,which will have great significance for Xinjiang's industrial transformation and economic development.First of all,this article introduces the background and significance of this research,and elaborates the research present situation at home and abroad.It also introduces the research ideas,research methods and innovations.Then,this paper define the concept of supply side reform,manufacturing transformation and upgrading,and financial support,and summarizes the related theories of financial development and industrial transformation and upgrading.At the same time,this paper analyzes the mechanism of financial impact on the transformation and upgrading of manufacturing industry,making the relationship clearer,and the basis for the description and the empirical analysis below.And the transformation and upgrading of Xinjiang manufacturing industry,the development of Xinjiang financial industry,the transformation and upgrading of Xinjiang financial support manufacturing industry and the existing problems are described and analyzed.Manufacturing industry is developing rapidly,but the level of transformation and upgrading needs to be improved.The banking system is constantly improving,the amount of deposit and loan is increasing,the development of the securities industry is rapid,the amount of financing is increasing,the development of the insurance industry is faster and the level of service is increasing.In the context of the supply side reform,banks,securities and insurance financial institutions are constantly expanding their support for the transformation and upgrading of the manufacturing industry;and financial policies have also made great achievements in the transformation and upgrading of the manufacturing industry.Then in the empirical aspect,we firstly use the principal component analysis method to calculate the comprehensive index of the transformation and upgrading of the manufacturing industry,and conclude that the upgrading level of the manufacturing industry is on the rise as a whole,but it needs to be further improved.On this basis,1997-2016 years time series data selected,the VAR model was used to make an empirical study on Xinjiang's financial support for manufacturing transformation and upgrading.The empirical study shows that in the long-term equilibrium relationship,the financial scale and financial efficiency are all promoting the transformation and upgrading of the manufacturing industry,and the financial structure has limited role.In the short term,the financial scale has the greatest contribution to the transformation and upgrading of the manufacturing industry,and the financial efficiency is the financial efficiency,and the minimum contribution is finance.Structure.Finally,according to the current situation analysis and empirical conclusions,we put forward to improve the financial system,actively expand the scale of financial development;establish a multi-level capital market,optimize the financial structure;give play to the financing role of bank credit,improve the financial efficiency;improve the policy financial support system,and optimize the countermeasures and suggestions for the financial ecological environment.