Study On The Impact Of Financial Capital On Regional Economic Development

Since the reform and opening up,the economic level of our country has maintained a trend of rapid and steady development.The overall national strength and the people's living standards have greatly increased.The development of our country has drawn more and more attention from the world.With the increasing financial status and financial deepening,financial development has become an important indicator of a country's economic growth and social civilization.The role of financial development in economic growth is also becoming more and more important.At the same time,the rapid growth of China's real economy was also slowed down by the impact of the financial crisis.The role of financial development in economic growth was increasingly affected by the financial crisis in the country Pay attention.The proposed "One Belt and One Road" strategy is a grand blueprint for building an "upgraded version of China's economy" under the "new normal" of economic adaptation in the new era.With the continuous promotion of the division of labor and cooperation in the development of regional economy in the "Belt and Road" construction,the corresponding spatial pattern of regional financial development is also bound to undergo profound changes.The 19 th Plenum of the Party also explicitly stated that "deepen the reform of the financial system,enhance the financial sector's ability to provide real economy,raise the proportion of direct financing and promote the healthy development of a multi-level capital market." We will improve the dual-pillar regulatory framework for monetary policy and macro-prudential policies,deepen the interest rate and exchange rate Market-oriented Reform As a product of the development of the real economy,the continuous development and improvement of finance plays an increasingly important role in the process of economic development."In recent years,the pace of economic growth in our country has slowed down.The new mode of economic growth In order to expand internal demand,in the transformation from export-led economic growth to domestic demand-led economic growth,finance should play its crucial role as the core and hub of the modern economic operation.This paper uses DEA to measure and decompose labor productivity per capita in China,East,Central and Western regions from 2000 to 2014,and uses the quadratic decomposition model of economic growth to decompose labor productivity into Technical efficiency,technological progress,accumulation of financial capital and accumulation of human capital.While analyzing the contribution of each part to economic growth,this paper explores the sources of regional economic development differences by means of variance decomposition of labor productivity growth rate.The conclusions drawn from the study are as follows:(1)From the overall perspective of the whole country,labor output in all regions of China has experienced remarkable improvement from 2000 to 2014.Technological progress,accumulation of financial capital and technological progress have obviously promoted this.Relatively speaking,the promotion of technological progress is even greater,and the accumulation of human capital contributes little to the growth of labor output per unit.(2)According to East,Central and Western regions,the growth rates of labor productivity in the three regions all increased to some extent,and the differences in regional economic development gradually narrowed.Although the accumulation of financial capital contributed tothe growth of labor output in all regions,The contribution of Central China is much higher than that in Central and Western China,which makes the accumulation of financial capital a major factor in alleviating the rate of regional differences in development.(3)According to the analysis of each province,by analyzing the cumulative contribution rate of financial capital in each region and the provinces with large fluctuations in the growth of labor output per head,it can be found that the output of labor in each province in the western region has been growing rapidly,Narrowing the gap with the economic development in the eastern region.The deepening of financial capital has also gradually led the economic development in various regions and promoted the coordinated and stable development among the regions.(4)From the perspective of the implementation of the "Belt and Road" strategy,it can be concluded that the implementation of the "One Belt and One Road" strategy will help reduce the differences in economic development between regions.However,the accumulation of financial capital is still the bottleneck in narrowing the gap in regional economic development In the future,the provinces involved in the region should give full play to the advantages brought about by the "Belt and Road" strategy and have great potential in deepening the financial capital.Based on the conclusions of this paper,the following suggestions are made:(1)to build a regional financial growth pole;(2)to support the monetary policy and investment policy proposed by the state;(3)to develop education to improve the quality of the population;(4)to increase the policy guidance and support of the backward poor areas.